The Senate GOP tax plan will propose to delay a corporate tax rate cut from 35% to 30% until 2019, breaking with Trump’s preference that those cuts be effective immediately, The Washington Post reports, citing “four people briefed” on the plan. That also breaks with the House GOP plan, which would lower the rate next year.
Senators were briefed this morning on the Senate tax overhaul, which is expected to be introduced later Thursday. Separately, Sen. Bill Cassidy told reporters the Senate plan won’t repeal the Affordable Care Act’s individual mandate.
The Senate approach is much different than that of House Republicans, who are advancing a bill that would lower the corporate tax rate in 2018. But the House leaders are also having problems with the total cost of their bill, which has ballooned beyond the $1.5 trillion price tag they need to stay under to use special budget procedures needed to get the bill through the Senate.