As the Washington Post reports, Congressional Republicans are indicating that the House and Senate have come to some sort of agreement on a tax plan that could (potentially) make it through both chambers to the desk of President Trump:
House and Senate Republican leaders have reached an agreement in principle that would lower the corporate tax rate to 21 percent beginning in 2018, a person briefed on the discussions said, part of a compromise $1.5 trillion tax plan they hope to vote into law by next week.
The agreement would also lower the top tax rate for families and individuals to 37 percent, a change that would deliver a major tax cut for upper-income households…
…It’s unclear if all Senate Republicans support the changes, and Republicans can only afford to lose one GOP more vote if they hope to pass the agreement next week, as Sen. Bob Corker (R-Tenn.) already opposes the measure. [Pols emphasis]
Sen. Susan Collins (R-Maine) has expressed concern about lowering the top tax rate, and Sen. Marco Rubio (R-Fla.) has complained that Republicans did not do more to further expand the Child Tax Credit. But neither has said whether they would oppose the bill.
Republican leaders seem to be fairly confident that they have an agreement in place, though it’s not yet clear if they have the votes to support a final proposal that is expected to be approved by a “conference committee” made up of leaders from both chambers. Staffers are also still working to finalize a draft bill, which would need to be examined by the Joint Committee on Taxation to ensure that it abides by Congressional budget rules.
Republicans are hoping to hold a vote on their wildly-unpopular tax plan sometime next week — before Alabama Democrat Doug Jones is sworn in to replace Republican Luther Strange in the Senate.