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 HatchSenate GOP divided over whether they'd fill Supreme Court vacancy  Five takeaways as panel grills tech CEOs Trump awards medal of freedom to former congressman, Olympian Jim Ryun 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 JohnsonDemocrats try to force Trump to boost medical supplies production GOP chairmen hit back at accusation they are spreading disinformation with Biden probe Unemployment debate sparks GOP divisions MORE (R-Wis.) and Steve DainesSteven (Steve) David DainesFrom a Republican donor to Senate GOP: Remove marriage penalty or risk alienating voters The Hill's Campaign Report: COVID-19 puts conventions in flux  OVERNIGHT ENERGY: Trump signs major conservation bill into law | Senate votes to confirm Energy's No. 2 official | Trump Jr. expresses opposition to Pebble Mine project MORE (R-Mont.).
 
ADVERTISEMENT
 
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changes are paid for in several ways, including the restoration of the alternative minimum tax, which was initially repealed in the bill.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.