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Sen. Republicans are preparing to oppose a $78 billion tax cut plan as partisanship grows
Electoral Calculus: Republican Senators Risk Bipartisan Package by Holding Out for Deeper Corporate Tax Cuts
In a controversial decision that highlights the extreme party differences in the U.S. Republicans in the Senate are preparing to block a $78 billion tax cut plan. Bipartisan backing for the package, which includes corporate and child tax benefits, has been met with fierce resistance from Senate Republicans led by Majority Leader Mitch McConnell and his deputy, John Thune. The GOP’s hesitation to back the bill is due to their desire to hold out for more significant tax reductions for corporations if they win a majority in November, in addition to worries about how the law would affect the next elections.
(PHOTO: YouTube Michel Valbrun, CPA)
Senate Republicans Retreat: Once-Promising Support Erases, Casting Doubt on Tax Relief Plan’s Future
According to Smart News, the tax proposal has been backed by the White House and easily passed the Republican-controlled House 357 to 70, but it now confronts a major impediment in the Senate. Once-promising senators McConnell and Thune have backed off, uniting with the ardent opposition of Senate Finance Committee ranking Republican Senator Mike Crapo of Idaho. This development heralds a difficult political environment in which the fate of important tax relief initiatives hangs in the balance amid heightened electoral tensions, with party loyalty and strategic maneuvering taking precedence over bipartisan cooperation.
