With 12 Republicans and 11 Democrats on the panel, his opposition could derail GOP leaders’ plans to bring the tax bill to the Senate floor on Wednesday. Johnson wants more tax cuts for companies, known as “pass-throughs,” that effectively pay their taxes through the individual tax code. They propose paying for lower rates by eliminating the state and local tax deduction for businesses, as the Senate bill does for individuals. The Senate bill would allow the owners of these companies, in some circumstances, to deduct 17.4 percent of their earnings from those firms from their taxable income. “What if this doesn’t work?” Lankford asked Monday, referring to tax cuts in the Senate plan.

Source: Washington Post November 28, 2017 01:22 UTC