Senate takes step toward passage of tax bill vote likely this week
The U . S . Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority   setting up a likely decisive vote later this week even though it was unclear if the bill has enough Republican support to become law . Congressional Republicans spent the day scrambling to reformulate their tax bill to satisfy lawmakers worried about how much it would balloon the U . S . budget deficit . On a Christmas themed stage   U . S . President Donald Trump speaks about tax reform legislation in St . Louis   Missouri   U . S . November 29   2017 . REUTERS / Kevin Lamarque Stocks rallied on optimism the tax overhaul package could pass   but obstacles remained   including attempts to address the estimated $ 1 . 4 trillion that the bill would add to the United States ’ $ 20 trillion national debt over 10 years . Lawmakers voted by a 52 - 48 margin to begin formal debate   a step that could lead on Thursday and Friday to a decisive vote on the bill   which aims to cut taxes on corporations   other businesses and a wide range of individuals and families . Republicans have a 52 - 48 majority in the 100 - member Senate   giving them enough votes to approve the bill if they can hold together . Without Democratic support   Republicans can afford to lose no more than two of their own votes . U . S . President Donald Trump speaks about tax reform legislation during a visit to St . Louis   Missouri   U . S . November 29   2017 . REUTERS /  Kevin Lamarque President Donald Trump in a speech in Missouri on Wednesday    implored members of  his  own party to get behind the effort   which would be  his  first significant legislative achievement since taking office in January . “ A vote to cut taxes is a vote to put America first again  ” Trump said   adding the bill could “ cost me a fortune ” and that his wealthy friends were not happy . “ My accountants are going crazy right now . It ’ s all right . Hey look   I am president   I don ’ t care . I don ’ t care anymore .” Slideshow ( 3 Images ) Democrats say the tax cuts are a giveaway to corporations and the wealthy at the expense of working Americans . Some Democrats have said  Trump  and  his  children would gain from the bill   which would repeal the estate tax on inherited wealth . Among Americans aware of the Republican tax plan   49 percent said they were opposed   up from 41 percent in October   according to a Nov . 23 - 27 Reuters / Ipsos poll released on Wednesday . The latest online poll of 1   257 adults found 29 percent supporting the plan and 22 percent saying they “ don ’ t know .” The sweeping tax package was developed over several months behind closed doors by a small group of senior congressional and Trump administration figures   with little input from many Republican lawmakers and no involvement from Democrats .
The U . S . Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority   setting up a likely decisive vote later this week even though it was unclear if the bill has enough Republican support to become law . Congressional Republicans spent the day scrambling to reformulate their tax bill to satisfy lawmakers worried about how much it would balloon the U . S . budget deficit . On a Christmas themed stage   U . S . President Donald Trump speaks about tax reform legislation in St . Louis   Missouri   U . S . November 29   2017 . REUTERS / Kevin Lamarque Stocks rallied on optimism the tax overhaul package could pass   but obstacles remained   including attempts to address the estimated $ 1 . 4 trillion that the bill would add to the United States ’ $ 20 trillion national debt over 10 years . Lawmakers voted by a 52 - 48 margin to begin formal debate   a step that could lead on Thursday and Friday to a decisive vote on the bill   which aims to cut taxes on corporations   other businesses and a wide range of individuals and families . Republicans have a 52 - 48 majority in the 100 - member Senate   giving them enough votes to approve the bill if they can hold together . Without Democratic support   Republicans can afford to lose no more than two of their own votes . U . S . [TGT] speaks about tax reform legislation during a visit to St . Louis   Missouri   U . S . November 29   2017 . REUTERS /  Kevin Lamarque President Donald Trump in a speech in Missouri on Wednesday    implored members of  his  own party to get behind the effort   which would be  his  first significant legislative achievement since taking office in January . “ A vote to cut taxes is a vote to put America first again  ” [TGT] said   adding the bill could “ cost me a fortune ” and that [TGT] wealthy friends were not happy . “ My accountants are going crazy right now . It ’ s all right . Hey look   I am president   I don ’ t care . I don ’ t care anymore .” Slideshow ( 3 Images ) Democrats say the tax cuts are a giveaway to corporations and the wealthy at the expense of working Americans . Some Democrats have said  [TGT]  and  [TGT]  children would gain from the bill   which would repeal the estate tax on inherited wealth . Among Americans aware of the Republican tax plan   49 percent said they were opposed   up from 41 percent in October   according to a Nov . 23 - 27 Reuters / Ipsos poll released on Wednesday . The latest online poll of 1   257 adults found 29 percent supporting the plan and 22 percent saying they “ don ’ t know .” The sweeping tax package was developed over several months behind closed doors by a small group of senior congressional and [TGT] administration figures   with little input from many Republican lawmakers and no involvement from Democrats .