The U.S. Senate is reportedly close to voting on the new tax reform bill, but before that vote, Sen. Marco Rubio (R-FL) and Sen. Mike Lee (R-UT) are pushing for an amendment to the bill which would help lower income families.
According to The Washington Examiner, Rubio and Lee are advocating for lower income families to receive significant tax credits on behalf of their children, even if these families do not pay income taxes.
The two senators have proposed that the funds for this increase in financial aid to lower income families could be obtained by lowering the corporate tax rate to 22 percent, instead of the proposed 20 percent. The current corporate tax rate is at 35 percent, according to The New York Times.
President Trump reportedly opposes Rubio and Lee’s amendment to the tax reform bill due to his commitment to cutting corporate taxes.
“[We support] the child tax credit. We also think that it’s important to make businesses more competitive," stated White House deputy press secretary Raj Shah. "We would not support raising the corporate rate as outlined in that amendment.”
Although the exact time and date of the vote has not been conclusively set, it is expected to take place either Thursday evening or sometime on Friday, according to CNN.com.
Photo: Pumping his fist, Senate Majority Leader Mitch McConnell (R-KY) addresses a tax reform news conference with Sen. Shelley Moore Capito (R-WV) and representatives from small business interest groups in the Dirksen Senate Office Building on Capitol Hill November 30, 2017 in Washington, DC. McConnell and Senate Republicans hope to pass sweeping tax cuts sometime Thursday or Friday.
Photo courtesy: Chip Somodevilla/Getty Images
Publication date: November 30, 2017