The Republican-controlled Congress is poised to pass a massive rewrite of the U.S. tax code, after Tennessee Republican Senator Bob Corker abruptly reversed his position and announced his support for the tax plan. Corker’s switch came as Republican leaders added a last-minute provision that slashes taxes on income from real estate LLCs. Corker is a real estate mogul. Florida Senator Marco Rubio also pledged to vote yes, after winning an expansion of the child tax credit, which Republicans reluctantly granted. The New York Times reports those who will most benefit from the Republicans’ tax bill are big corporations, multimillionaires, private equity managers, private schools, liquor stores, lawyers, tax accountants and President Trump and his family. We’ll have more on the Republican tax bill later in the broadcast.
Sens. Corker, Rubio Back Tax Bill, Clearing Way for Final Passage
HeadlineDec 18, 2017