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Senate approves budget resolution which paves the way for tax reform

Senate approves budget resolution which paves the way for tax reform”

U.S. President Donald Trump said Thursday he is almost certain Senate Republican leaders have secured enough support to pass a budget bill that would help them approve tax legislation.

But Democrats are likely to oppose the Trump administration's tax plan, which promises to deliver up to $6 trillion in tax cuts to businesses and individuals.

By a vote of 51-49, Senate Republicans passed a fiscal 2018 budget right along party lines, with every single Democrat voting against the budget framework, and all Republicans, save for one, voting for it.

In a very good sign for those hoping the government will pass a tax overhaul package, yesterday the Senate approved a new budget that is expected to pave the way for a tax overhaul. It also means Democrats will not be allowed to filibuster on the floor, a stalling tactic that requires 60 votes to break.

Speaking on "CBS This Morning", Ryan said Republicans are working on the tax rate for "the fourth bracket that the president and others are talking about that we're going to do".

After failing to pass a Trump-supported effort to dismantle the nation's health care law, commonly known as Obamacare, Senate Republicans are under pressure to approve the tax cut bill that is under consideration.

Had the Senate rejected the measure, Republicans likely would not have been able to move forward with tax reform legislation because the resolution contains reconciliation instructions.

The House budget resolution calls for a revenue-neutral tax bill and would combine tax cuts in the same legislation as $203 billion in spending cuts to mandatory programs including food assistance for the poor.

Sen. Pat Toomey, R-Pa., a member of the Senate Budget Committee, heads to the floor during a series of votes at the Capitol in Washington, Thursday.

Not all of the Democratic amendments were related to the tax plan, however. Sen.

"The top 20 percent of the people pay 95 percent of the taxes".

Republicans control 52 of the Senate's 100 seats, meaning they could lose two votes from their own party and still pass the budget.

The amendment was approved by unanimous voice vote, with applause.



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