Senate closes in on tax reform
Today could prove to be truly historic for the United States, as the Senate moves closer to passing the most ambitious tax reform bill in three decades. While Senators finalize the legislation’s terms, the past 48 hours has given Americans plenty of reasons to be optimistic that a tax cut will arrive in time for Christmas.
On Wednesday, 137 economists sent an open letter to Congress backing the Tax Cuts and Jobs Act. This letter included one very important quote. “Left virtually untouched for the last 31 years, our chart-topping corporate tax rate . . . [sent] 4,700 companies from 2004 to 2016 to cheaper shores abroad.”
Yesterday, Senators John McCain (R-AZ) and Lisa Murkowski (R-AK) said they’ll be voting yes on the bill; today, Senators Ron Johnson (R-WI), Steve Daines (R-MT,), and Sen. Jeff Flake (R-Ariz.) also confirmed their support, bringing the amount of votes up to the 50 needed to pass.
The sense of forward momentum from Republicans on Capitol Hill is palpable. “We’re heading down the home stretch,” said Senate Majority Leader Mitch McConnell yesterday.