Senate GOP releases new version of tax bill ahead of vote

Senate GOP releases new version of tax bill ahead of vote
© Camille Fine
Senate GOP leaders late Friday offered a new version of their tax plan that incorporates a number of changes that lawmakers sought in order to support the bill.
 
The changes in the "substitute amendment" released by Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchDrug prices are declining amid inflation fears The national action imperative to achieve 30 by 30 Financial market transactions should not be taxed or restricted MORE (R-Utah) include an increase in the deduction for "pass-through" business income from 17.4 precent to 23 percent, which was requested by Sens. Ron JohnsonRonald (Ron) Harold JohnsonTrump urged DOJ officials to call election corrupt 'and leave the rest to me' Chuck Todd is dead wrong: Liberal bias defines modern journalism Grassley pressured to run as Democrats set sights on Iowa MORE (R-Wis.) and Steve DainesSteven (Steve) David DainesSenate committee advances bipartisan energy infrastructure bill  Hillicon Valley: Lina Khan faces major FTC test | Amazon calls for her recusal | Warren taps commodities watchdog to probe Google Senators propose bill to help private sector defend against hackers MORE (R-Mont.).
 
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These changes are paid for in several ways, including the restoration of the alternative minimum tax, which was initially repealed in the bill. Exemption amounts for the tax are increased compared to current law.
 
The new version of the bill, which stands at 479 pages, was panned by Democrats for being released close to the final vote, without much time to review. Democrats received a copy earlier in the day and noted that it includes some handwritten changes.
 
Democrats also criticized specific provisions that were added to the bill, such as one that they said would benefit Wall Street and another that they argued was targeted to exempt conservative Hillsdale College from an excise tax on university endowments.