By Sahid Fawaz
One of the biggest, if not the biggest, tax cuts for the rich might not see the light of day.
“Uncertainty gripped the Senate on Wednesday over efforts to pass a sweeping $1.5 trillion tax cut after a Wisconsin Republican became the first senator in his party to declare that he could not vote for the tax bills as written, and other senators expressed serious misgivings over the cost and impact on the middle class.
The House is set on Thursday to pass its own version of the tax bill, which would cut taxes by more than $1.4 trillion over 10 years and broadly rewrite the business tax code. But as with the health care debate earlier this year, the Senate emerged as the inconstant ally in President Trump’s pursuit of a major legislative accomplishment in his first year.
Senator Ron Johnson, Republican of Wisconsin, came out against both chambers’ tax plans on Wednesday, deploring the hurried process and saying that the bills favored corporations over small businesses and other so-called pass-through entities, whose owners pay taxes on profits through the tax code for individuals.
‘These businesses truly are the engines of innovation and job creation throughout our economy, and they should not be left behind,’ he said in a statement. ‘Unfortunately, neither the House nor Senate bill provide fair treatment, so I do not support either in their current versions.’
Senators Susan Collins of Maine, Bob Corker of Tennessee and John McCain of Arizona have voiced their own concerns and refused to say whether they would ultimately vote for the tax bill.”
For the rest of the story, check out The New York Times piece here.