Senate tax bill appears set to pass
The Senate tax bill is steamrolling towards passage this afternoon, with members' concerns being addressed — except for the deficit hawks, who aren't getting extra debt-reducing provisions added to the bill. With Sen. Jeff Flake now saying he'll vote yes, the only debt hawk who may still vote no is Sen. Bob Corker.
What we're watching: Any last-minute Senate drama, along with the actual bill's release. But Majority Leader Mitch McConnell told reporters the GOP has the votes.
Aides say the bill will still add about $1.5 trillion to the federal debt over the next decade without accounting for economic growth, which strongly suggests it's been calculated that the bill can pass without Corker's vote. Sen. James Lankford, who was also concerned about the debt addition but will vote for the bill, told Vox the bill won't address their concerns.
- Sen. Ron Johnson and Steve Daines will support the bill after the pass-through deduction was increased from 17.4 percent of business income to 23 percent, which will be paid for by an increase in the repatriation rate for international businesses, per NPR's Kelsey Snell.
- Sen. Susan Collins' demand that a $10,000 deduction for property taxes be included in the bill has been met, Bloomberg reports.