Senate panel to start tax bill markup on Monday
Source: The Hill
The Senate Finance Committee will begin to mark up its tax proposal on Monday, Committee Chairman Orrin Hatch (R-Utah) announced.
“This is just the start of the legislative process in the Senate," Hatch said in a statement. "We expect robust committee debate on the policies in this bill, will have an open amendment process, and hope to report legislation by the end of the week."
The Senate proposal, which Republicans unveiled Thursday, lowers the top individual and corporate tax rates and keeps some of the tax breaks that are eliminated in the House GOP tax bill.
Unlike in the House Ways and Means Committee, the Senate Finance Committee traditionally does not mark up legislative text. Instead it considers legislation written in plain English.
The Joint Committee on Taxation estimated that the plan would cost $1.496 trillion in lost federal revenue in its first 10 years. That's just under the maximum $1.5 trillion in federal revenue that the bill is allowed to lose under the budget resolution that enables tax legislation to pass the Senate with a simple majority.
Read more: http://thehill.com/policy/finance/359741-senate-panel-to-start-tax-bill-markup-on-monday
That 1.4 trillion threshold, means that medicare, social security, are going to go immediately under the knife if they pass this BS bill, to cover that deficit
Time to go to hearings................just like the health care BS they tried to pass
