How the Senate Republican’s proposed tax plan will affect you

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SALT LAKE CITY, Utah (ABC4 Utah) – Senate Majority Leader Mitch McConnell told reporters Friday afternoon that they have enough votes to pass tax reform. The vote is expected Friday afternoon.

After running into a snag on Thursday, the Republican Senate worked to secure support for the bill. Friday morning, Sen. Jeff Flake, R-Ariz., announced his support for the bill, officially giving it enough votes to pass.

“For nearly two decades I have advocated for a lower corporate tax rate that will enable U.S. business to compete globally and reforms that will deliver a fairer, simpler tax code,” Flake said.

Flake was one of three Senate Republicans whose votes were still up in the air this morning. Sens. Bob Corker, R-Tenn., and Susan Collins, R-Maine, were the other two holdouts.

On Wednesday, Utah Senator Orrin Hatch weigh in on the tax bill and said, “I’ve been around long enough to know that anyone demanding perfection when it comes to major legislation is bound to be waiting a very very long time and likely won’t accomplish much.”

In a statement emailed to ABC4, Utah Senator Mike Lee said, “Senator Rubio and I are offering an amendment to the bill that effectively cuts payroll taxes for millions of American families, putting money back into their pockets. I am still fighting for that, but as of right now I am leaning yes on this bill.”

The plan cuts tax rates for individuals and corporations. The corporate tax cuts are permanent, but the individual rates go back up in a decade. 

A recent congressional budget office analysis found that those earning more than $100,000 a year will benefit the most, and in 10 years, lower and middle class Americans will lose out.

Stick with ABC4 Utah for updates as this story continues to develop.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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