Republicans push tax bill forward, Trump hails GOP 'love fest'

Local business owners excited about new tax bill

The ad urges people to call the five Republicans, who voted in favor of the bill, and says there's "still time to right this wrong" and "vote "no" on any tax plan that hurts our health care".

Republican committee members quickly left the room after the vote as Democrats complained about a lack of discussion on a bill that would overhaul the USA tax code and add an estimated $1.4 trillion to the $20 trillion national debt over 10 years.

President Trump gives an update on the Republicans progress to pass tax reform as he promotes it's economic potential.

Republican Senator Ron Johnson voted for the bill in the budget committee, even though he had said it does not cut taxes deeply enough for some non-corporate businesses.

That invitation was swiftly rejected by Senate Majority Leader Mitch McConnell of Kentucky and House Speaker Paul Ryan of Wisconsin. He wants further cuts for "pass-through" businesses that do not directly pay income taxes but instead send their earnings to their owners to be taxed as individual income.

The CBO also estimated that the GOP tax bill could trigger automatic cuts worth $136 billion from mandatory spending in 2018, including $25 billion in Medicare cuts, if Congress doesn't find another way to offset its deficit increases. Corker has expressed concern about any steps that would increase the deficit.

The legislation faces an open amendment process on the Senate floor that may spell substantial changes before a final vote that's expected Thursday.

The 12-11 party-line vote Tuesday came after Republican leaders addressed objections raised by GOP committee members who threatened to block it.

Republicans push tax bill forward, Trump hails GOP 'love fest'
Republicans push tax bill forward, Trump hails GOP 'love fest'

"Sometimes we assume we'll have a backbone later that we don't have now", he said, explaining his concern.

"It was very, very special", Trump told reporters in the Roosevelt Room of his meeting with Republican senators.

While the overall architecture of the two bills is similar, there are significant differences.

A change to the state and local tax deduction: One of the thorniest issues during the House debate on the TCJA concerned the state and local tax deduction, which allows households to deduct state taxes from their federal tax bill.

"We're looking forward to finding common ground in conference, finalizing the details, and sending this historic legislation to the President by the end of the year", Brady said in remarks to the American Enterprise Institute.

Other Republicans, however, are taking a less lofty view of the legislation.

"If we could take the entire individual side of this, throw it in the trash can, and take it directly to the incinerator, I would be thrilled", he said.

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