First GOP Senator Comes Out Against Tax Bill, A Possible Signal Of Troubled Waters Ahead
Sen. Ron Johnson (R-Wis.) said he can't vote for either the House or Senate bill as written. Other lawmakers all voiced concerns about the measures.
The New York Times:
Tax Bill Thrown Into Uncertainty As First G.O.P. Senator Comes Out Against It
Uncertainty gripped the Senate on Wednesday over efforts to pass a sweeping $1.5 trillion tax cut after a Wisconsin Republican became the first senator in his party to declare that he could not vote for the tax bill as written, and other senators expressed serious misgivings over the cost and effect on the middle class. The House is set on Thursday to pass its own version of the tax bill, which would cut taxes by more than $1.4 trillion over 10 years and broadly rewrite the business tax code. But as with the health care debate earlier this year, the Senate emerged as the inconstant ally in President Trump’s pursuit of a major legislative accomplishment in his first year. (Rappeport and Kaplan, 11/15)
The Associated Press:
1st GOP Senator Opposes Tax Bill In Early Sign Of Problems
Democrats said the measures would bestow the bulk of their benefits on higher earners and corporations. In the Senate Finance Committee, they focused their attacks on two provisions designed by Republicans to save money. One would repeal President Barack Obama's health law requirement that people buy coverage or pay a fine, a move the nonpartisan Congressional Budget Office projects would result in 13 million more uninsured people by 2027. The other would end the personal income tax cuts in 2026 while keeping the corporate reductions permanent. (11/15)
CQ:
Discord Over Individual Mandate Repeal Grows In The Senate
A surprise move by Senate leaders to repeal the individual health insurance mandate in their tax overhaul is endangering support from key Republicans. Sen. Susan Collins of Maine told reporters Wednesday her concerns have increased over the provision after receiving statistics showing it would lead to more expensive premiums for middle class families that make slightly too much to qualify for subsidies — outweighing the benefits from the proposed tax cuts. (Clason, 11/15)
Bloomberg:
Wall Street Ponders If Obamacare Axing Helps Or Hurts Tax Bill
The Senate’s latest plan to fund one of the largest tax cuts in history has dragged the health-care debate back into the limelight -- and that’s got Wall Street’s attention. Ending the requirement would save the government $338 billion over 10 years, but leave around 13 million Americans uninsured and raise premiums by about 10 percent, the Congressional Budget Office estimated. Analysts are divided on the chances of passage and the impact across the health-care sector varies. The removal of Obamacare’s individual mandate may increase the chances of tax cuts that could bolster growth, a win for the broader market, while numerous other provisions may hurt select companies. (Flanagan and Maranz, 11/15)
