Senator Thom Tillis of North Carolina warned Wednesday that a trigger could be self-defeating: “The perverse consequence of having a trigger in here is that you won’t achieve the economic growth you otherwise would.”
‘Cocktail’ of Concerns
Meanwhile, Senator Susan Collins of Maine has said it’s a mistake to mix health care and taxes by zeroing out the Obamacare individual mandate. On Wednesday, she said she’s gotten assurances that Senate leaders will try to advance measures aimed at stabilizing health insurance markets. She also opposes lowering the 39.6 percent tax rate to 38.5 percent for people making over $1 million.
Senator Ron Johnson of Wisconsin said he’s troubled by the fact that large corporations are set to receive a far lower tax rate than would closely held businesses like partnerships; party leaders on Wednesday agreed to boost a proposed 17.4 percent deduction for such “pass-through” entities to 20 percent, short of the 25 percent Johnson wanted.
As senators gathered Wednesday evening for a procedural vote to begin debate on the tax bill, Johnson told reporters he might vote “no” because he wanted still more for pass-throughs. He voted yes, as did Collins. Neither has made a commitment on final passage, however.
“Susan’s got a concern -- it’s a real legitimate concern. Ron Johnson’s got a concern. There’s a deficit concern,” said Senator Lindsey Graham of South Carolina, who added that he’s trying to stay flexible: “It’s like making a cocktail. If you add more of this and less of that, I’m fine.”
‘Rubik’s Cube’
There’s one thing he can’t accept, he said. “Failure’s not an option.” Everyone has their problems with the legislation, he said, and “that’s what makes it probably a good bill.”
In a sense, that’s “just the way the process works,” said Senator James Risch of Idaho, who recounted a conversation with fellow Idaho Senator Mike Crapo.
“Mike, what are we going to do here? No matter how you vote on this you’re going to catch heck at home from one side or another,” Risch told him.