Senate Republicans are confident they have the votes to pass tax bill

Mitch McConnell's Making Promises to Pass His Tax Bill That He Needs Democrats to Keep

The Tax Cuts and Jobs Act, or H.R. 1, passed by a vote of 51-49, with Sen.

"This is a once-in-a-generation opportunity", said Senate Majority Leader Mitch McConnell, R-Ky., "This is a good bill". A vote could come on Friday.

Among the changes reportedly being considered to raise $350 billion in revenue and secure the votes of the deficit hawks are alternative minimum taxes for wealthy individuals and large corporations, according to The Hill.

"I was just handed a 479-page tax bill a few hours before the vote", Tester said in the video.

Minutes later, Sen. Jeff Flake (R-AZ), one of the key holdouts on the bill, announced his support, saying on Twitter that he was won over by "a commitment from the administration and Senate leadership to advance growth-oriented legislative solution to enact fair & permanent protections for DACA recipients".

Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of US-based firms would be largely exempted from tax - both changes pursued by corporate lobbyists for years.

That would not have killed the bill. Sen. John McCain, a recalcitrant Republican from Arizona, signaled he would support the legislation despite concerns.

"I believe this legislation, though far from flawless, would enhance American competitiveness, boost the economy and provide long overdue tax relief for middle-class families", he said in a statement.

Other issues under discussion included if the 20 percent corporate tax rate might be raised, the extent of the child-tax credit, and the tax rate for small businesses. "Because, basically, they voted against tax cuts".

The Senate bill would double the standard deduction, and Sen.

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He said the bill is meant to "pay for tax cuts, or rather a redistribution of wealth, to the wealthiest parts of the population". The language in the House tax bill dictates that these tuition waivers would be taxable, counting the assistance as income.

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"This legislation will literally put thousands of dollars back into the pockets of hardworking Nevadans, allowing them to purchase anything from three months' worth of groceries to 9,000 diapers", Heller said. Catherine Cortez Masto, D-Nev., called the GOP plan "smoke and mirrors". Reform could mean your taxes are going up. He said the stimulus to the economy will help offset the tax law's $1.5-trillion increase to the deficit.

Senate Republicans defeated a push by Senate Minority Leader Charles Schumer to delay consideration of the sweeping GOP tax bill until Monday.

"I do believe this is a revenue-neutral bill", McConnell said, adding that he's "confident it will be revenue-producing".

"The Republican tax bill has made a mockery of the Democratic process", Schumer said. It is similar to a provision in the House-passed bill.

The bill lays the bulk of its tax cuts on businesses and higher-earning individuals and gives more modest breaks to others.

"From the outset of the current debate on tax reform, my goal has been to ensure that Congress passes a tax reform package that is both fiscally-responsible and promotes economic growth", Flake said in a statement.

Realtors and homebuilders also oppose the bill.

Murkowski said Thursday the provision was tweaked to comply.

The legislation isn't heading to Trump's desk, yet. "We have done it and we're ready to go", she said. "By effectively repealing the regressive Obamacare individual mandate tax, we are putting Americans in charge of their health care and giving them the freedom to choose the best coverage for themselves and their families".

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