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McConnell works to salvage tax bill | TheHill

posted onDecember 1, 2017
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Article snippet: Senate Majority Leader MORE (R-Ky.) has his work cut out for him to save the Senate tax bill, which stalled Thursday evening after three GOP rebels threatened to effectively kill it. After weeks of careful negotiations, Senate Republicans are locked in a huge behind-the-scenes fight over what the tax bill should look like. To pass the bill, McConnell and his leadership team will have to craft substantial revisions and they have only 24 hours to do it, give or take, or otherwise postpone the effort altogether until next week. But that approach isn’t sitting well with many Republican senators. “It’s way too much to give to one person,” grumbled one GOP lawmaker, who asked for anonymity to give his frank opinion of the leadership’s promise to Corker.  Rep. MORE (R-N.C.), the chairman of the conservative Freedom Caucus, said the proposal wouldn’t fly in the House. “Obviously we’re not in favor of that,” he said. “I don’t see that as good news.” McConnell also could seek to win over Sen. MORE (R-Wis.) by eliminating the deduction big companies known as C corporations receive for state and local taxes. Johnson wants to use the money to increase the proposed deduction for companies classified as pass-through businesses. “It’s an elegant solution, I like it,” he said. Johnson wants to increase the deduction for pass-through businesses to 25 percent, which he says would create an effective tax rate of about 28 percent. “The best way to address the deficit is have pro-gro... Link to the full article to read more

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