Nov 9, 2017

Report: Senate GOP tax plan would delay corporate tax cut in break with Trump

Trump, escorted by Senate Majority Leader Mitch McConnell, R-Ky., left, arrived on Capitol Hill to have lunch this October. Photo: J. Scott Applewhite

The Senate GOP tax plan will propose to delay a corporate tax rate cut from 35% to 20% until 2019, breaking with Trump's preference that those cuts be effective immediately, The Washington Post reports, citing "four people briefed" on the plan. That also breaks with the House GOP plan, which would lower the rate next year.

Senators were briefed this morning on the Senate tax overhaul, which is expected to be introduced later Thursday. Separately, Sen. Bill Cassidy told reporters the Senate plan won't repeal the Affordable Care Act's individual mandate.

What it means: The delay on the corporate rate cut could lower the tax plan's cost by more than $100 billion, the paper says. Both House and Senate Republicans are working to keep the cost of their plans within the $1.5 trillion limit set by the budget.

(The first sentence of this article has been corrected to show the cut is to 20% not 30%.)

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Sen. Kelly Loeffler liquidates stocks after uproar over coronavirus sell-off

Sen. Kelly Loeffler. Photo: Madnel Ngan/AFP via Getty Images

Sen. Kelly Loeffler (R-Ga.) and her husband Jeffrey Sprecher are liquidating their stock portfolio and moving holdings into exchange traded funds (ETFs) after coming under fire for purchasing and selling roughly $1.4 million in stock just before the market crashed in response to the coronavirus pandemic.

Why it matters: Loeffler, who faces a competitive reelection fight in November, is one of several senators under fire for selling shares shortly after a private briefing on the coronavirus — sparking accusations of insider trading.

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What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."