WASHINGTON (AP) - The Latest on the GOP tax bill (all times local):
Republican leaders have made changes to the tax bill to win enough votes to clear the Senate. A summary obtained by The Associated Press shows the changes include allowing local property tax deductions up to $10,000 and fatter breaks for many businesses.
The original Senate bill wouldn't have allowed the property tax deductions. The change was a key demand of Maine Republican Sen. Susan Collins.
There would also be lower taxes on companies with owners that pay individual tax rates on profits, and a more gradual elimination of tax breaks for firms buying equipment.
To pay for these changes, the new plan doesn't fully repeal the alternative minimum tax on high-income families. And it would increase a one-time tax on profits held overseas by U.S.-based corporations.
Senate Majority Leader Mitch McConnell says "we have the votes" to pass the GOP tax bill.
McConnell talked to reporters after a closed-door meeting of Republican senators.
One prior hold out, Sen. Susan Collins, says she won an agreement to add a deduction for local property taxes. The Maine Republican had been withholding her support for the bill because she wanted homeowners to be able to deduct up to $10,000 in property taxes.
The original Senate bill had completely eliminated the tax deduction for state and local taxes.
Still, Collins was coy about whether she would ultimately vote for the bill.
Smiling, Collins said, "I'm pleased with the progress that's being made but I'll announce my position in a couple of hours."
The No. 2 Republican in the Senate says the GOP has the votes to pass a sweeping tax overhaul.
That's the word on Friday from Texas Sen. John Cornyn, who told reporters, "We're confident in the 50 and we'd like to build on that."
Republicans hold a slim 52-48 majority, but with 50 votes - and Vice President Mike Pence breaking a tie - they can muscle their legislation through the Senate.
Cornyn made the comments after Wisconsin Sen. Ron Johnson said he had won concessions for businesses and would support the legislation.
The sweeping tax overhaul would slash the corporate tax rate and ease some taxes on individuals.
A key Republican, Wisconsin Sen. Ron Johnson, says he's backing the sweeping GOP tax bill. That's according to an aide.
Johnson's support for the legislation is a major boost for Majority Leader Mitch McConnell as he tries to muscle the measure through the Senate.
GOP leaders hope to vote on Friday and send the measure to a House-Senate conference to work out the differences. They want to deliver a bill to President Donald Trump by Christmas.
In a radio interview with WISN in Wisconsin, Johnson said he secured changes in the bill on the taxes paid by businesses and is now a yes on the legislation.
At issue were millions of businesses whose owners report the firm's profits on their individual tax returns. The vast majority of U.S. businesses are taxed this way.
President Donald Trump says the Republican tax bill "is getting better and better."
In an early morning Friday tweet, Trump wrote: "This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!"
Republicans are eyeing a crucial final vote Friday on the $1.4 trillion Senate bill. GOP leaders have been making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks.
Senate Republicans are stepping quickly to meet competing demands of holdout GOP senators for a tax overhaul package expected to add $1 trillion to the nation's deficit over 10 years.
GOP leaders have been making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks.
Republicans eyeing a crucial final vote Friday on the $1.4 trillion Senate bill.
The overall legislation would bring the first overhaul of the U.S. tax code in 31 years. It would slash the corporate tax rate, offer more modest cuts for families and individuals and eliminate several popular deductions.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- GOP leaders alter tax bill to win more votes
- New tax system could alter alimony
- House passes $1.5T tax bill in major win for GOP
- Tenney votes 'yes,' Faso votes 'no' to House tax bill
- House GOP hails tax bill as good for economy
- GOP tax bill clears Congress, heads to Trump
- Tenney Speaks on Tax Bill
- Business leader, retail icon, Bill Chanatry remembered
- House passes sweeping GOP tax overhaul
- NY and California govs say GOP tax bill will hurt economy