(National Sentinel) Growth Agenda: President Donald J. Trump’s efforts to push through major tax reform looked more certain to pass on Thursday after frequent critic Sen. John McCain, R-Ariz., announced he would support a bill currently before the upper chamber.
“After careful thought and consideration, I have decided to support the Senate tax reform bill,” McCain said in a statement Thursday, as reported by CNBC.
“I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.”
Congress watchers also noted that another potential holdout, Sen. Lisa Murkowski, R-Alaska, was also leaning toward supporting the measure, leaving few GOP members still undecided.
Republican leaders are tweaking the legislation to ease concerns among other GOP senators including Sens. Bob Corker, R-Tenn.; James Lankford, R-Okla.; Jeff Flake, R-Ariz.; Susan Collins, R-Maine; Ron Johnson, R-Wis., and Steve Daines, R-Mont.
The GOP can lose two votes and still pass the measure on a special procedural move and with the support of Vice President Mike Pence, who would cast the tiebreaker. The GOP’s majority in the Senate is 52-48.
The Senate version of the bill only temporarily individual income tax rates but permanently lowers the corporate tax rate from 35 percent to 20 percent.
But news of the bill’s likely passage had an immediate, positive effect on the stock market, taking the Dow over 24,000 — another record — and adding more wealth to individuals’ market-driven retirement accounts.