Senate Democrats hold a vote on whether to pass tax plan
Sen. Kamala Harris, D-Calif., is holding a vote today on whether the Senate should pass a bill that would cut the corporate tax rate from 35% to 21% and make it easier for companies to repatriate their money.
Sen. Richard Blumenthal, D, Conn., is also holding a debate on the Senate floor today on the possibility of making the repatriation of foreign earnings a taxable event.
The two senators are expected to vote on the measure at a later date.
Harris and Blumenthal are both up for reelection next year and are expected in the Senate chamber this afternoon.
Harris, who is up for re-election in 2018, said that she was confident that the bill would pass.
“I believe this is a very important issue, particularly for a Republican-controlled Senate,” she said.
“The House has passed a bill, the Senate has passed the same bill, and the Senate is going to move on to the tax bill and pass it.”
Blumenthal said he believes that the legislation will be a success, as it would create jobs.
“I’m very optimistic about this bill.
I think it’s the right bill,” he said.
Sen. Elizabeth Warren, D-, Mass., said that it is “unfair to keep a company’s tax rate lower than the wages earned by workers.”
“The corporate tax code is set to increase for the rich, but the wealthy are paying the most in taxes, and that’s not fair,” she told reporters.
Warren said that there is a lot of room to improve the bill.
“The bill that passed the House today is a step in the right direction, and we’re going to have a vote next week to put the bill together that will help the middle class,” she added.
In the Senate, Sen. Bernie Sanders, I-Vt., is expected to hold a hearing on the tax overhaul on Friday.
Sanders has been vocal about his concerns about the tax cut and the need for the bill to be revenue neutral.
At a rally in North Carolina on Thursday, Sanders said that the “middle class is not going to be able to survive the tax cuts.”
Sanders is also pushing the idea of raising taxes on corporations to pay for the plan.
During a campaign rally in Wisconsin on Wednesday, Sanders promised to make it so that the corporate income tax rate would rise on income above $250,000 per year, as he has suggested that corporations pay their fair share of taxes.
After hearing testimony from a bipartisan group of senators on Thursday and the testimony of former House Speaker Nancy Pelosi, Sanders is expected on Friday to sign off on the bill and send it to his colleagues for a vote.
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