Most U.S. senators with democratic inclinations have expressed concerns about the Republican tax bill in the Senate since Wednesday, when a procedural motion to formally open debate on the measure was approved.
President Donald Trump admitted the Republican tax plan will definitely cost him a “fortune” although no evidence was provided to back the statement.
The American president was asked a question about the claims from Democrats that the tax bill will favor only the rich. He said, ‘If it is true, my friend, I am yet to find out how.’
According to a report from Reuters, Mr President spoke at a public event held to promote the legislation in St. Charles, Mo.
The billionaire business mogul who has failed to disclose his tax returns, a ritual which all previous presidents willingly observed, has refuted analyses from independent sources that says the rich would secure a tax break under this controversial bill.
Mr. Trump said his wealthy friends have called him to express concerns about the plan.
‘My accountants are going crazy right now,’ the president said. ‘It’s all right…Hey look, I am president…I don’t care. I don’t care anymore.’
The bill which will also repeal estate tax on inherited wealth will exceedingly benefit Mr. President and his family, Democrats argued.
Susan Collins, Lisa Murkowski, Steve Daines, Jeff Flake and John McCain, are some of the Republicans whose roles will be decisive in the chaotic political situation.
Ms. Collins, a moderate senator from Maine, said she is against the Republicans’ plan to include in the tax bill a repeal of a federal fee imposed on defaulters in Obamacare’s individual mandate.
Although the fee is intended to encourage young and active people to secure health insurance in order to guarantee premiums for old and sick people, Ms. Collins says reversing the fine would inflate insurance premium costs, and definitely cancel out tax-cut gains that many of their constituents might get from the tax bill.
She added that a large number of Republican leaders are in agreement with her to take up two healthcare provisions before the end of the year to help mitigate the impact of repealing the fee, the report said.
‘Those provisions,’ she said, ‘would help insurers cover expensive patients and continue Obamacare subsidy payments for low-income people for two years.’
To achieve her goal of making state and local property tax deductible by up to $10,000, a provision which is also part of the House of Representatives’s tax bill, Ms. Collins has reportedly prepared an amendment.
The Senate and House bills will mark an end to deductibility of state and local tax income, as well as sales tax.
‘We will take this one step at a time,’ she said in an official statement without revealing whether she will vote for the tax bill.
Unlike the House bill, reports confirm, the Senate bill ends property tax deductibility too.
‘The senator from Alaska will vote for the tax bill,’ Lisa wrote on Twitter last Wednesday, adding that some aspects of the bill looks very attractive.
In Lisa’s opinion, the tax bill, when enacted into law, will lower tax rates and double child tax credit, as well as double the standard reduction.
She revealed that it also includes a provision she prepared to open the Arctic National Wildlife Refuge (ANWR) and oil and gas drilling.
‘It is important to enact reforms separately to help stabilize the individual market in health insurance,’ she said.
John McCain told everyone to ‘stay tuned.’
It remains unclear whether the bill will garner enough Republican support to become law.
Stock rates are raring to go high in optimism that the bill was secure passage.
Republicans have been busy with meetings to reformulate the bill (which aims at reducing taxes on corporations, individuals, families and businesses) to satisfy lawmakers who are worried about the likely impact on the U.S. budget and national debt.
Lawmakers voted 52-48 to begin formal debate which may end with a full vote on Thursday or Friday.
U.S. Republicans are reportedly keen to pass the bill as a sign of their political might at the White House and both house of Congress.
If Republicans rally round strong in the 100-member Senate, there’s a chance that the bill will record success. However, without support from Democrats, Mr. Trump’s party can’t afford to lose more than two of their own votes.
Speaking at a party gathering in Missouri on Wednesday the 71-year-old president urged his party members to show support with their votes. A successful campaign with the widely-debated tax bill will be Trump’s first significant legislative achievement since taking office in January.
“A vote to cut taxes is a vote to put America first again,” Trump said.
“I’d prefer not having it there. We’re probably going to have one. But I’d prefer not having it,” Republican Senate Finance Committee Chairman, Orrin Hatch, told newsmen in a statement.