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Senators Scramble to Advance Tax Bill That Increasingly Rewards Wealthy

NYT

At the heart of the debate is whether to more favorably treat small businesses and other so-called pass-through entities — businesses whose profits are distributed to their owners and taxed at rates for individuals. Seventy percent of pass-through income flows to the top 1 percent of American earners, according to research by Owen Zidar, an economist at the University of Chicago’s Booth School of Business.GraphicWhich Republican Senators Might Oppose the Tax Bill, and WhySenate leaders would need to win over several Republican senators to pass a tax overhaul.OPEN GraphicTwo Republican senators, Ron Johnson of Wisconsin and Steve Daines of Montana, have said that they will vote against the plan if it does not do more to help the owners of those businesses, possibly by increasing the individual income tax deduction for such owners from the 17.4 percent rate currently in the Senate bill.Republicans, who control the Senate 52 to 48, can afford to lose only two of their members if they hope to pass the bill on party lines in the upper chamber.Mr. Johnson could stall the bill by himself on Tuesday, when it is scheduled for a vote in the Senate Budget Committee. Mr. Johnson sits on that committee, where Republicans have a single-vote majority. On Monday, he said he would vote “no” unless his concerns were addressed.“I need a fix beforehand,” Mr. Johnson said.Earlier in the day, Senator John Cornyn, Republican of Texas and the majority whip, said, “There’s no deal, but there’s been some discussions on how to address Senator Johnson and Senator Daines’s concerns.” He continued, “We’re trying to be responsive.”Adding to the uncertainty, Senator Bob Corker of Tennessee also said on Monday that he could be a “no” vote in the Budget Committee if his concerns about the bill’s effect on the deficit were not adequately addressed.Orrin G. Hatch, Republican of Utah, who leads the Senate Finance Committee, said that there was a strong desire to get a bill passed by Friday and that additional changes would most likely be made on the Senate floor. Despite speculation that the House will face pressure to quickly vote upon whatever passes in the Senate, Senator Rob Portman, Republican of Ohio, said he “fully expects” that there would be a conference to bridge differences between the House and Senate plans.Republican Tax Plan: How to Make Sense of the Push in CongressIt’s virtually impossible to fully understand, let alone keep up with, the flood of proposals, amendments and analyses that continue to pour out. Here are some of the big-picture ideas to keep in mind as this political sausage is being made.The pass-through fight is the first skirmish in what lawmakers and lobbyists expect will be a frenzied week, which Republican leaders hope will produce the first major legislative victory of the Trump-era for their party.Continue reading the main storyThe week is expected to be punctuated by behind-the-scenes arm twisting and deal making as party leaders work to allay senators’ worries without exceeding their self-imposed $1.5 trillion budget for tax cuts

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Senators Scramble to Advance Tax Bill That Increasingly Rewards Wealthy

Senators Scramble to Advance Tax Bill That Increasingly Rewards Wealthy

NYT

At the heart of the debate is whether to more favorably treat small businesses and other so-called pass-through entities — businesses whose profits are distributed to their owners and taxed at rates for individuals. Seventy percent of pass-through income flows to the top 1 percent of American earners, according to research by Owen Zidar, an economist at the University of Chicago’s Booth School of Business.GraphicWhich Republican Senators Might Oppose the Tax Bill, and WhySenate leaders would need to win over several Republican senators to pass a tax overhaul.OPEN GraphicTwo Republican senators, Ron Johnson of Wisconsin and Steve Daines of Montana, have said that they will vote against the plan if it does not do more to help the owners of those businesses, possibly by increasing the individual income tax deduction for such owners from the 17.4 percent rate currently in the Senate bill.Republicans, who control the Senate 52 to 48, can afford to lose only two of their members if they hope to pass the bill on party lines in the upper chamber.Mr.

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Senators Scramble to Advance Tax Bill That Increasingly Rewards Wealthy

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