Republicans’ $1.5 Trillion Tax Plan Appears on Track to Pass Next Week

Republicans’ $1.5 Trillion Tax Plan Appears on Track to Pass Next Week
A day after the bill’s prospects wavered somewhat, Republican leaders notched two victories on Friday, when Senator Marco Rubio of Florida said he would vote yes after gaining a more generous child tax credit in the final bill
and Senator Bob Corker of Tennessee, who voted against the initial Senate bill over deficit concerns, said he would support the legislation.
Mr. Lee, in a statement, sounded upbeat about the bill, saying Mr. Rubio
and other senators “have done a tremendous job fighting for working families this week and they have secured a big win.” He added: “I look forward to reading the full text of the bill and, hopefully, supporting it.”
Mr. Trump, when asked about Mr. Lee and Mr. Rubio on Friday, said he had no concerns about their support.
Two newly revealed changes on the business side would help offset revenue losses: a provision
that limits corporations’ deductions of their net operating losses to 80 percent of their income starting next year, instead of in 2023 as the Senate bill called for, and one that would effectively reduce the annual value of research and development tax breaks starting in 2022.
“This bill is far from perfect, and left to my own accord, we would have reached bipartisan consensus on legislation
that avoided any chance of adding to the deficit, and far less would have been done on the individual side with items that do not generate economic growth,” he said.