“A Potential Nightmare Scenario For The GOP”: Tax Vote Delayed To Friday; May Include $350BN In New Tax Hikes

Update: The Senate tax plan roll vall vote which was widely expected to take place on Thursday evening, has been pushed back to 11am on Friday following the collapse of the “Trigger” compromise (discussed below) to win a majority for a Senate tax overhaul left Republicans scrambling to salvage the legislation, Bloomberg reports. While debate over the bill may continue into the evening, McConnell said. It’s unclear when the unlimited amendment vote series known as ‘vote-a-rama’ would begin.
“For the information of all senators, the Senate will continue to debate the bill tonight. The next roll call votes will be at 11 a.m tomorrow morning,” Mitch McConnell announced Thursday night. The decision to skip a late-night session came as deficit hawks, led by Bob Corker pushed for a guarantee that the Senate tax legislation won’t increase the deficit. In its current format an analysis released late on Thursday found tax reform would cost $1 trillion.
As Bloomberg explains:
“the day’s events left GOP leaders contemplating a variety of potentially unpalatable measures — including making some tax cuts on the individual and corporate side end within six or seven years. The current version of the Senate bill would sunset individual breaks in 2026.”

This post was published at Zero Hedge on Nov 30, 2017.

 

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