President Donald Trump made a final sales pitch on the GOP tax bill surrounded by several families invited to the White House on Wednesday, including the Howards from Tenino, Wash.
“Issac owns an espresso machine service company and Emily takes care of their four beautiful children. They’re currently in the 15 percent bracket and pay $2,500 in taxes. Our plan will totally wipe out their tax bill,” claimed the President introducing the family during a White House news conference.
“What this means for us, we will be able to pour out into our community—whatever that looks like—giving away to families in need or setting them up for success,” said Emily Howard referencing her children.
However, the exact details of the final tax bill are still being negotiated.
“We don’t know what this bill is,” said Sen. Bob Menendez, D-New Jersey.
Lawmakers on the tax bill conference committee held a public hearing Wednesday, but Democratic lawmakers fault the process. Because Republicans used budget reconciliation, they need only a simple majority to pass the bill, not bipartisan support.
"This so-called conference committee is a farce,” said Sen. Bernie Sanders, I-Vermont. “According to media reports, the final legislation has already been completed."
According to national media reports on the tentative deal for merging the House and Senate bills, some of the changes include:
- The corporate tax rate would be reduced to 21 percent, not the 20 percent initially proposed
- On the sticking point of state and local deductions, taxpayers could chose a property tax or state and local income tax deduction of up to $10,000.
- The top individual tax rate would be lowered to 37 percent from 39.6 percent.
- The cap for mortgage interest deduction would be lowered to $750,000 from $1 million.
- The standard deduction would be doubled to $12,00 for individuals and $24,000 for families.
- 20 percent deduction for “pass-through” businesses
Overall, the bills passed by the House and Senate have hundreds of differences to be ironed out, according to reporting by USA Today.
However, Republican lawmakers have expressed confidence they have a deal, and staffers say a vote could happen as early next week, mid-week.
The Senate is expected to vote first and can only afford to lose two votes. Tennessee Senator Bob Corker was the only Republican to oppose the bill when it passed the Senate earlier this month, citing concerns about the deficit.
Democratic critics including Washington's Senators Maria Cantwell and Patty Murray call the plan "a massive giveaway to the wealthiest Americans and biggest corporations," said Murray in a statement.
Both Washington Senators were named to the tax bill conference committee.
Republicans, meanwhile, promise economic growth and individual cuts in a scramble to the finish line for what could be the President's first major legislative victory.
“If Congress sends me a tax bill before Christmas, the IRS has confirmed that Americans will see lower taxes and bigger paychecks beginning in February,” announced the President on Wednesday.
Related: More details of tentative tax deal via Bloomberg Politics
Related: CNN Tax Bill Calculator
Tax bill statements from Washington's Congressional delegation:
Rep. Suzan DelBene, D-1st District
Rep. Rick Larsen, D-2nd District
Rep. Jaime Herrera Beutler, R-3rd District
Rep. Dan Newhouse, R-4th District
Rep. Cathy McMorris Rodgers, R-5th District
Rep. Derek Kilmer, D-6th District
Rep. Pramila Jayapal, D-7th District
Rep. Dave Reichert, R-8th District
Rep. Adam Smith, D-9th District
Rep. Denny Heck, D-10th District
