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Politics Mitch McConnell says Senate GOP will release its tax proposal on Friday

00:51  08 november  2017
00:51  08 november  2017 Source:   cnbc.com

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Senate Majority Leader Mitch McConnell misspoke Tuesday when he said Senate Republicans would release their version of a tax -cut bill on Friday , a spokesman for him said . It is not clear when exactly the chamber will release its tax plan.

Senate Majority Leader Mitch McConnell misspoke when he said Senate Republicans would release their tax bill on Friday , his spokesman said . The House has already released a tax proposal . Republicans aim to pass a tax plan by the end of the year.

  • The Senate GOP will release its version of a tax-cut bill on Friday, Senate Majority Leader Mitch McConnell said.
  • The House has already released a tax proposal.
  • Republicans aim to pass a tax plan by the end of the year.
Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington, © Provided by CNBC Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington,

Senate Republicans will release their version of a tax-cut bill on Friday, Senate Majority Leader Mitch McConnell said Tuesday.

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Senate Majority Leader Mitch McConnell said Friday afternoon that Senate Republicans have enough votes secured for the GOP tax overhaul. "We have the votes," the Kentucky Republican told reporters as he walked onto the Senate floor after huddling behind closed doors with the rest of the

Senate Majority Leader Mitch McConnell on Tuesday said the upper chamber will unveil its tax proposal Friday . House Republicans last week unveiled their tax proposal , the Tax Cuts and Jobs Act.

The chamber will aim to mark up, or debate and amend, the legislation next week, the top GOP senator added.

It is unclear how much the plan will differ from one already proposed by House Republicans. The House is marking up its bill this week and could pass it as early as next week.

Republicans aim to pass legislation chopping tax rates by the end of the year.

The House bill, called the Tax Cuts and Jobs Act, would cut the corporate tax rate from 35 percent to 20 percent, while moderately reducing household income tax rates. It changes some popular provisions such as the mortgage interest deduction, but leaves others like the 401(k) tax benefit unchanged.

GOP lawmakers are allowing for the bill to add up to $1.5 trillion to the federal deficit over a decade. But they argue that economic growth will boost tax revenues over time, making up for that gap.

McConnell on Tuesday said he "fully" anticipates the final bill will not lead to a federal revenue loss or even cause more money to go to the government. His comment came after Fitch Ratings estimated that the House plan would add "significantly" to the United States debt.

If the House and Senate pass separate bills, they would have to reconcile the plans in a joint conference committee.

McConnell to spell out Alabama options for Trump .
The top Republican in the Senate plans to urge President Donald Trump to help contain the damage in the Alabama Senate race. Senate Majority Leader Mitch McConnell is set to deliver a memo to the White House that spells out ways the December 12 special election could be delayed, including by applying pressure to Alabama's Republican governor, the officials said.

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