President Trump announced his arrival back in the nation’s capital from a Thanksgiving trip to his Florida estate by urging the Senate to pass tax reform, which he promised would benefit all Americans.
“Back in D.C., big week for Tax Cuts and many other things of great importance to our Country. Senate Republicans will hopefully come through for all of us. The Tax Cut Bill is getting better and better. The end result will be great for ALL!” Trump tweeted.
Back in D.C., big week for Tax Cuts and many other things of great importance to our Country. Senate Republicans will hopefully come through for all of us. The Tax Cut Bill is getting better and better. The end result will be great for ALL!
— Donald J. Trump (@realDonaldTrump) November 27, 2017
The Senate Budget Committee is set to take up the Tax Cuts and Jobs Act on Tuesday and pass it to the full Senate. Some Republican senators say they still need to be won over and Republican leadership can only afford two defections.
The Congressional Budget Office released its analysis of the Senate version of the bill on Sunday. The CBO expects the bill to cost the government $1.4 trillion over its term. Proponents of the bill argue the tax cuts will spur economic growth and will pay for themselves, but the CBO said its experts did not have enough time to determine if that would be true.
The House has passed its own version of tax reform already and it’s expected the two chambers will have to come up with a conference committee version of the bill.
