US Republicans confident tax bill will become law this week

Sen. Bob Corker To Vote 'Yes' On Tax Bill

Sen. Bob Corker To Vote 'Yes' On Tax Bill

Congressional Democrats are united in their opposition to the tax bill.

President Trump on Saturday touted how "fantastic" the GOP tax bill will be for "middle-income people" ahead of anticipated votes in the House and Senate next week.

"I had like a two-page summary I went through with leadership", Corker told IBT of the bill.

No stranger to hyperbole, Trump also predicted the legislation would cause the economy to soar beyond its current 3 percent rate of growth.

Mr. Trump said he hopes the tax legislation will make the economy grow by 4 percent then 5 percent annually "and maybe even 6 percent ultimately".

U.S. Senate Majority Whip John Cornyn (R-TX) walks from his office to the Senate floor during debate over the Republican tax reform plan in Washington, U.S., December 1, 2017.

Under Senate rules, the bill can add no more than $1.5 trillion to deficits over 10 years.

The bill would cut the corporate income tax rate to 21 percent from 35 percent and create a 20-percent income tax deduction for owners of "pass-through" businesses, such as partnerships and sole proprietorships. In another positive sign for GOP leaders, Sen. "Most critics out there didn't think it could happen". It came together as Republicans cemented the needed support for the overhaul, securing endorsements from wavering senators. Marco Rubio, a Florida Republican, to back the new bill, buoying chances for passage.

Far-right Britain First leadership arrested in Belfast
Police in court sought curbs on her ability to participate in future rallies in Northern Ireland as well as her social media use. Fransen posted a tweet showing her at a wall used to divide Catholic residents from Protestants in the city to prevent violence.

"I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make", Corker said.

"Under this bill, the working class, middle class, and upper middle class get skewered while the rich and wealthy corporations make out like bandits", said Senate Minority Leader Chuck Schumer of NY.

"It is just the opposite of what America needs, and Republicans will rue the day they pass this", said Senate Minority Leader Charles Schumer, a New York Democrat. Their amendment would have also made the refundable portion of the credit equal to 15.3 percent of earnings (instead of 15 percent under the Senate bill) starting with the first dollar earned (instead of starting with earnings exceeding the first $2,500 earned, as under the Senate bill). Parents would have to provide children's Social Security numbers to receive the child tax credit, a measure meant to deny the credit to people who are in the US illegally. The deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. But these concessions aren't likely to appease taxpayers in states with high taxes. Deductions for medical expenses that lawmakers once considered eliminating would be retained.

Other compromises allow future homeowners to deduct the interest on mortgages of up to $750,000, down from $1 million under current law. "People said we wouldn't get this done; we're on the verge of getting this done".

The measure doubles to $11 million ($22 million for couples) the value of estates that can be passed on to heirs tax-free.

If passed, the bill would be the biggest USA tax rewrite since 1986 and would provide Republican lawmakers and Trump with their first major legislative victory since they took control of the White House in January, in addition to Congress.

Republicans are relying on Corker to vote yes since the party can afford only two defectors.

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