• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Leadership

The Senate Has Delayed Its Vote on Tax Reform

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 30, 2017, 11:37 PM ET
UNITED STATES - NOVEMBER 30: Senate Majority Leader Mitch McConnell, R-Ky., speaks during a news conference on on the importance of passing the tax reform bill in Dirksen Building on November 30, 2017. Also appearing in the front row are, from left, Sen. Shelley Moore Capito, R-W.Va., Linda McMahon, administrator of the U.S. Small Business Administration, Sens. Roger Wicker, R-Miss., and Roy Blunt, R-Mo. (Photo By Tom Williams/CQ Roll Call)
UNITED STATES - NOVEMBER 30: Senate Majority Leader Mitch McConnell, R-Ky., speaks during a news conference on on the importance of passing the tax reform bill in Dirksen Building on November 30, 2017. Tom Williams—CQ Roll Call/Getty

(WASHINGTON) – The U.S. Senate on Thursday delayed voting on a Republican tax overhaul as the bill was tripped up by problems with an amendment sought by fiscal hawks to address a large expansion of the federal budget deficit projected to result from the measure.

The Senate was debating the legislation late into Thursday, but put off any votes until Friday. It was not clear if a decisive vote on the bill would happen then.

The delay underscored nagging concerns among Republican fiscal conservatives with the deficit impact of a bill seen by the party as crucial to its political prospects in the Nov. 2018 elections, when it will fight to keep control of the Senate and the House of Representatives.

Since taking office in January, President Donald Trump and Republicans now in control of Congress have yet to pass major legislation, a fact they hope to change with their proposed tax– code overhaul, which would be the biggest since the 1980s.

Democrats, expected to unanimously oppose the tax bill, have dismissed it as a giveaway to the wealthy and corporations.

Republican Senator Bob Corker and others tried to add a provision to the bill to trigger automatic future tax increases if the tax cuts in the bill did not boost the economy and generate revenues sufficient to offset the deficit expansion.

For more on the GOP tax bill, watch Fortune’s video:

But the Senate parliamentarian barred Corker’s “trigger” proposal on procedural grounds.

The trigger amendment was needed to win Corker’s vote and those of others worried about the deficit – worries that intensified when congressional analysts said the bill would not boost the economy enough to offset the estimated deficit expansion, as the Trump administration had said it would.

Senate Finance Committee Chairman Orrin Hatch told reporters in the Capitol that it had not been easy to accommodate Corker, Senator Jeff Flake and other fiscal hawks. “It’s been pretty hard to make them happy so far. We’re going to keep working on it … and we’re going to do it,” Hatch said.

In an approach that could pose political problems for other lawmakers, Republicans were considering building future tax increases into their bill, effectively reversing some of the bill‘s tax cuts, to lock in the votes they need.

“It’s not a threshold anymore. It’s just a tax increase,” Republican Senator David Perdue said, describing possible alternatives. “The only thing that’s come off the table is the trigger concept.”

Corporate Tax May Change

For instance, Senate Republicans were considering making a proposed corporate income tax rate cut temporary, instead of permanent, so the rate would rise back to an unknown level after six or seven years, said one Republican senator and an aide.

By that time, Trump might no longer be in office and a future Congress might change the law.

When asked if the tax bill was in trouble, Republican Senator Mike Rounds told reporters: “No, I don’t think so. It’s just a matter of once again trying to make the bill work.”

Asked if there were 50 votes for an automatic tax increase, he said: “Good question!”

Optimism had reigned earlier in the day, when the bill won the backing of Republican Senator John McCain. Stocks surged on hopes that Senate Republicans were on the brink of passing theirtax bill.

The S&P 500 hit a record closing high and the Dow Jones industrial average topped the 24,000 mark for the first time.

But the Joint Committee on Taxation, or JCT, a nonpartisan fiscal analysis unit of Congress, said the bill as passed earlier by the Senate Finance Committee, would generate only $407 billion in new tax revenue from increased economic growth.

JCT had earlier estimated the tax bill would balloon the $20 trillion national debt by $1.4 trillion over 10 years. The new estimate, counting “dynamic” economic effects, put the deficit expansion at $1 trillion, far short of assertions by some Republicans that the tax cuts would pay for themselves.

‘Fairy Dust’

House of Representatives Democratic leader Nancy Pelosi said the new JCT estimate showed “no amount of dynamic scoring fairy dust will fix the catastrophic deficits of the GOP tax scam.”

McCain, a key player in July’s collapse of a Republican effort to gut Obamacare, backed the taxbill. While “far from perfect,” the party’s 2008 presidential nominee said it would boost the economy and give tax relief to all Americans.

Republican Senator Susan Collins, who also played a role in the failure of the Obamacare rollback, told reporters she was still not committed to the bill.

Several Republicans were withholding support while pushing for including a federal deduction for up to $10,000 in state and local property taxes and bigger tax breaks for “pass-through” companies, including small businesses.

As drafted, the Senate bill would cut the U.S. corporate tax rate to 20 percent from 35 percent after a one-year delay and reduce the tax burden on businesses and individuals, while ending manytax breaks, but would still expand the deficit,

Trump wants to enact tax cuts before January. The House approved its own tax bill on Nov. 16. It would have to be merged with the Senate bill, if it is approved, before any final measure could go to Trump for his signature.

Republicans have 52 votes in the 100-member Senate, giving them enough to win if they hold together. With Democrats opposed, Republicans could lose no more than two of their own votes, with Vice President Mike Pence able to break a 50-50 tie.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Beyond the diploma: Skills that actually get graduates hired
Future of WorkWorkplace Innovation Summit
Beyond the diploma: Skills that actually get graduates hired
By Ashley LutzMay 22, 2026
5 hours ago
satya nadella
AITech
Microsoft reports are exposing AI’s real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
6 hours ago
She grew Salesforce’s team by 600% in South Asia. Meet one of India’s most powerful women
NewslettersMPW Daily
She grew Salesforce’s team by 600% in South Asia. Meet one of India’s most powerful women
By Angelica AngMay 22, 2026
7 hours ago
Svenja Gudell, chief economist at Indeed
SuccessWorkplace Innovation Summit
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
7 hours ago
Steve Wozniak
SuccessCareers
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
8 hours ago
A year in the life at HP: What matters to its sustainability lead in May 2026? 
EuropeHP
A year in the life at HP: What matters to its sustainability lead in May 2026? 
By Francesca CassidyMay 22, 2026
11 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
1 day ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
2 days ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
3 days ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
2 days ago
McKinsey partner says up to 50% of work hours could be transformed within the next 5 years
AI
McKinsey partner says up to 50% of work hours could be transformed within the next 5 years
By Emma BurleighMay 21, 2026
1 day ago
Current price of oil as of May 21, 2026
Personal Finance
Current price of oil as of May 21, 2026
By Joseph HostetlerMay 21, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.