Home Morning Commentary Morning Commentary – GOP Leaders Edge Closer to Tax Bill as More...

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The GOP has edged closer to creating a new tax bill this week. After the House easily passed its own version of a tax bill recently, the focus has shifted to the Senate to iron out an agreement that its members can agree upon. This comes in the context of very heavy criticism by Democrats, a probable majority of most media outlets, and from activist groups. Most of the outrage has been voiced regarding the planned proposals to repeal the Obamacare mandate, and regarding the proposed tax cuts on pass-through income and to corporations.

With the Obamacare mandate repeal in place, I have serious doubts as to whether this bill would be able to pass. It was clear from voting on health care earlier this year that the GOP is not firmly united in its opinion on Obamacare, and at minimum has no viable replacement to it yet constructed. However, momentum appears to have picked up significantly towards passage as some senators who have voiced concern decided to cast their endorsement behind the bill, notably Senators Rand Paul and Bob Corker. However, this does not mean that the coast is clear. It is still likely in my opinion that Senator McCain will vote against the bill based upon his previous record, but we will see. Keep an eye on the vote this week as it is likely to cause substantial volatility.

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