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US Senate panel proposes $1.5 trn 10-year revenue cut for tax plan

Republicans control the Senate by only a 52-48 margin and are unlikely to get much support from Democrats

Reuters  |  Washington 

US Senate passes bill allowing 9/11 victims to sue Saudi Arabia

The Republican-controlled Committee, in a crucial step forward for reform legislation, on Friday released a 2018 resolution that would allow cuts to lose up to $1.5 trillion in revenue over the next decade.

The measure, which could be marked up for a full Senate vote next week, is vital to plans to move reform legislation through the Senate via a special parliamentary process that would allow Republicans to pass legislation without a customary 60-vote margin.

Republicans control the Senate by only a 52-48 margin and are unlikely to get much support from Democrats, if any.

"The Senate resolution drafted by Committee Chairman is a critical step to advance President Trump's agenda to provide relief for the middle class and unleash economic prosperity for all Americans," White House director Mick Mulvaney said.

"I urge the Senate to pass this resolution and come to a swift agreement with the House so President Trump can sign America-first relief into law this year," Mulvaney said in a statement.

Republicans in the Senate and House of Representatives are moving quickly to adopt a resolution in hopes of enacting legislation before January.

The House is due to vote on its own resolution next week.

A unified version would have to be hammered out in a bicameral conference and approved by both chambers before the measure could take effect.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 29 2017. 22:48 IST