The change in the top rate was among a flurry of revisions that emerged Wednesday as GOP leaders scurried to finalize tax legislation in time for Trump to sign it next week -- part of an effort to secure a signature legislative victory before the end of 2017. The changes included proposing a new corporate tax rate of 21 percent -- one percentage point higher than Trump and congressional leaders had proposed this fall, but still far lower than the current 35 percent.
‘In Good Shape’
Congressional leaders said they hope to release final legislative text by the end of this week and pass their compromise legislation by the middle of next week. The Senate is likely to act first -- a vote that could come as early as Tuesday.
“I think we’re in good shape,” said GOP Senator Pat Toomey of Pennsylvania, who has been a key tax negotiator throughout the debate.
Success hinges on holding 50 of the 51 GOP senators who voted to approve the Senate version of the tax bill earlier this month; all 48 Democrats voted no.
The lone Republican who voted “no” on Dec. 2, Senator Bob Corker of Tennessee, also hasn’t disclosed how he’d vote on final legislation. But Corker -- who has cited his concern that the $1.4 trillion tax cut would increase federal deficits -- said Wednesday that he saw no new developments to address that issue.
That makes the votes of both Collins and Rubio critical.
Rubio met Wednesday afternoon with Senate Majority Leader Mitch McConnell, but there was no indication that GOP leaders would adopt his proposal to make the child tax credit refundable against income and payroll taxes.
‘Very Confident’
Collins has conditioned her support for the tax bill on various items with unclear fates -- including the passage of Obamacare stabilization measures by the end of the year.