Senate Republicans are confident they have the votes to pass tax bill

President Donald Trump   Joshua Lott  Getty Images

In the two letters, sent to the House and Senate respectively, the USA bishops outlined six moral principles that they believe the bill must consider: care for the poor, the strengthening of families, maintaining the progressivity of the tax code, raising adequate revenue for the common good, avoiding cuts to poverty programs to finance tax reform, and incentivizing charitable giving and development.

And even if Democrats went along with these measures as a way to help stabilize Obamacare, opening up spending bills to such legislation is going to inspire all sorts of demands from Republicans as well as Democrats under circumstances where one false step could shut down the government, possibly in the middle of the holidays.

Since taking office in January, President Donald Trump and the Republican-led Congress have passed no major legislation. Perhaps most significantly, nearly all of the Senate bill's tax cuts for individuals expire after seven years as a budget gimmick to reduce the bill's cost.

The original Senate bill wouldn't have allowed the property tax deductions. One key choke point on a spending bill is obviously the Senate, where Democratic support will be necessary to overcome what will otherwise be a 60-vote threshold for passage.

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On Friday morning, Senate Majority Whip John Cornyn, R-Texas, called holdout Sens. Bob Corker, R-Tenn., was the only lawmaker to cross party lines, joining the Democrats in opposition. In all, the cuts total a little less than $1.5 trillion in revenue over 10 years.

Senate Minority Leader Charles Schumer, D-N.Y., said the way the GOP bill is being "rammed" through the Senate is the reason the American people think the process is broken.

Despite obstacles the bill still faced late Thursday, expectations that the tax-cut package would pass had stocks soaring, with the Dow Jones industrial average closing above 24,000 for the first time. Pass-through income would still get taxed at individual tax rates, but those business owners would have the deduction.

Lawmakers have said they expect the two bills to be merged into one, which will require approval by each chamber, but there is still a lingering chance that the House will take the Senate bill in the end. While the corporate cuts would be permanent, tax cuts for individuals would sunset in 2025 and taxes on some middle-class brackets would increase, according to the Joint Committee on Taxation. "This is not a flawless bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money".

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He has been adamant for months that the Republican bill not balloon the federal debt.

But with Sens. Susan Collins (R-Maine), Ron Johnson (R-Wis.) and Flake now supporting the bill, McConnell is expressing confidence it will pass on Friday night.

The bill gives a massive tax cut to corporations and repeals parts of Obamacare, with predictions it could leave millions of American's without health insurance.

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