Sen. Susan Collins, R-Maine, does not back two key provisions in the GOP tax plan: removing the estate tax and reducing the individual tax rate for the wealthy.
“I do not believe that the top rate should be lowered for individuals who are making more than $1 million a year,” Collins told Bloomberg News. “I don’t think there’s any need to eliminate the estate tax.”
Collins noted she has expressed her “concern” to GOP leadership about these provisions. She backed the estate tax, which takes 40 percent from estates following an exemption of $5.49 million for individuals and $10.98 million for couples.
“I don’t think there’s any need to eliminate the estate tax,” she said, noting most family businesses, farms, and ranches are not impacted by this tax. She did add, some tax cuts will facilitate economic growth.
Given the slight Republican majority in the Senate, Collins, who has opposed other Obamacare repeal and replacement efforts from her GOP colleagues this year, is considered a critical vote for the tax reform legislation.
Collins did not specify how she would vote concerning the tax reform bill, but said she hopes she can back it.
“I hope very much to be able to support a tax reform package,” she said.
“It’s very difficult — I’m not going to say I can guarantee that because I don’t know what’s going to be in it,” she added.
The House passed the Senate’s fiscal 2018 budget on Thursday, paving the way for Congress to move forward with tax reform legislation. House Republicans plan to release their tax reform legislation on Nov. 1.
The House Ways and Means Committee is planning to release their tax plan on Wednesday.
