WASHINGTON (news agencies) — Republicans are inching closer to getting their tax and spending cut bill through Congress with a final Senate vote likely late Monday or early Tuesday.
At some 940 pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations. President Donald Trump has admonished Republicans, who hold majority power in the House and Senate, to skip their holiday vacations and deliver the bill by the Fourth of July.
Democrats are united against the legislation and were offering scores of amendments to alter it Monday as the Senate slogged through what is known as a vote-a-rama. Senators can offer an unlimited number of amendments, with each receiving a vote. Once the bill clears the Senate, it would have to pass the House before Trump can sign it into law.
Here’s the latest on what’s in the bill. There could be changes as GOP lawmakers continue to negotiate.
Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump’s first term expire. The legislation contains about $4.5 trillion in tax cuts.
The existing tax rates and brackets would become permanent under the bill. It temporarily would add new tax breaks that Trump campaigned on: no taxes on tips, overtime pay, the ability to deduct interest payments for some automotive loans, along with a $6,000 deduction for older adults who earn no more than $75,000 a year.
It would boost the $2,000 child tax credit to $2,200. Millions of families at lower income levels would not get the full credit.
A cap on state and local deductions, called SALT, would quadruple to $40,000 for five years. It’s a provision important to New York and other high tax states, though the House wanted it to last for 10 years.
There are scores of business-related tax cuts, including allowing businesses to immediately write off 100% of the cost of equipment and research.
The wealthiest households would see a $12,000 increase from the legislation, which would cost the poorest people $1,600 a year, according to the nonpartisan Congressional Budget Office analysis of the House’s version.
Middle-income taxpayers would see a tax break of $500 to $1,500, the CBO said.
The bill would provide some $350 billion for Trump’s border and national security agenda, including $46 billion for the U.S.-Mexico border wall and $45 billion for 100,000 migrant detention facility beds, as he aims to fulfill his promise of the largest mass deportation operation in U.S. history.
Money would go for hiring 10,000 new Immigration and Customs Enforcement officers, with $10,000 signing bonuses and a surge of Border Patrol officers, as well. The goal is to deport some 1 million people per year.
The homeland security secretary would have a new $10 billion fund for grants for states that help with federal immigration enforcement and deportation actions.
To help pay for it, immigrants would face various new fees, including when seeking asylum protections.
