Politics Mitch McConnell says Senate GOP will release its tax proposal on Friday

00:51  08 november  2017
00:51  08 november  2017 Source:   CNBC

McConnell Joins Ryan in Walking Back False Promise on Tax Bill

  McConnell Joins Ryan in Walking Back False Promise on Tax Bill The top Republicans in the House and Senate have now walked back false promises about their tax bills’ impact on the middle class. Senate Majority Leader Mitch McConnell acknowledged to The New York Times Friday he erred when he said in an MSNBC appearance last week that "nobody in the middle class is going to get a tax increase."Now the Kentucky Republican says every income group would see a tax cut -- on average.“You can’t guarantee that absolutely no one sees a tax increase,” he told the newspaper.McConnell joins House Speaker Paul Ryan of Wisconsin in walking back their statements on taxes.

The Senate GOP will release its version of a tax -cut bill on Friday , Senate Majority Leader Mitch McConnell said . The House has already released a tax proposal . Republicans aim to pass a tax plan by the end of the year.

More. Senate Republicans will release their version of a tax -cut bill on Friday , Senate Majority Leader. Mitch McConnell . said Tuesday. The chamber will aim to mark up, or debate and amend, the legislation next week, the top GOP senator added.It is unclear how much the plan will differ from

  • The Senate GOP will release its version of a tax-cut bill on Friday, Senate Majority Leader Mitch McConnell said.
  • The House has already released a tax proposal.
  • Republicans aim to pass a tax plan by the end of the year.
Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington, © Provided by CNBC Senate Majority Leader Sen. Mitch McConnell (R-KY) speaks as Speaker of the House Rep. Paul Ryan (R-WI), Sen. Orrin Hatch (R-UT) and other congressional Republicans listen during a press event on tax reform September 27, 2017 at the Capitol in Washington,

Senate Republicans will release their version of a tax-cut bill on Friday, Senate Majority Leader Mitch McConnell said Tuesday.

Moore says he'll remain in Senate race, blasts McConnell

  Moore says he'll remain in Senate race, blasts McConnell Republican Roy Moore says he'll remain in Alabama Senate race, accuses GOP leader McConnell of trying to 'steal' seat.A defiant Moore appeared at a news conference on Thursday to reiterate that he would be staying in the Alabama race.

The Tax Policy Center finds the GOP tax plan would reduce federal revenues by .4 trillion over the next decade. Without the budget passage, Senate Majority Leader Mitch McConnell of Kentucky said in a statement

× MCCONNELL : Senate GOP healthcare bill coming on Thursday, vote next week. McConnell said that the vote will happen as soon as the Congressional Budget Office releases its report on the bill, which should be some time next week.

The chamber will aim to mark up, or debate and amend, the legislation next week, the top GOP senator added.

It is unclear how much the plan will differ from one already proposed by House Republicans. The House is marking up its bill this week and could pass it as early as next week.

Republicans aim to pass legislation chopping tax rates by the end of the year.

The House bill, called the Tax Cuts and Jobs Act, would cut the corporate tax rate from 35 percent to 20 percent, while moderately reducing household income tax rates. It changes some popular provisions such as the mortgage interest deduction, but leaves others like the 401(k) tax benefit unchanged.

GOP lawmakers are allowing for the bill to add up to $1.5 trillion to the federal deficit over a decade. But they argue that economic growth will boost tax revenues over time, making up for that gap.

McConnell on Tuesday said he "fully" anticipates the final bill will not lead to a federal revenue loss or even cause more money to go to the government. His comment came after Fitch Ratings estimated that the House plan would add "significantly" to the United States debt.

If the House and Senate pass separate bills, they would have to reconcile the plans in a joint conference committee.

Roy Moore mocks GOP leaders' call to investigate Al Franken .
Alabama GOP Senate candidate Roy Moore took to Twitter to mock Senate Majority Leader Mitch McConnell.Moore, facing multiple accusations that he pursued relationships or sexually assaulted teenage girls, mocked Senate Majority Leader Mitch McConnell for calling for an ethics panel investigation into Franken.

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