• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 

3

Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 

3

Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
FinanceCongress

The Senate Takes a Step Forward on Tax Reform, With a Vote Likely This Week

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 29, 2017, 9:36 PM ET

The U.S. Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority, setting up a likely decisive vote later this week even though it was unclear if the bill had enough Republican support to become law.

Republicans spent the day scrambling to reformulate the bill, which aims to cut taxes on corporations, other businesses and many individuals and families, to satisfy lawmakers worried about how much it would balloon the U.S. budget deficit.

Stocks rallied on optimism it could pass, but obstacles remained, including attempts to address the estimated $1.4 trillion that the bill would add to the United States’ $20 trillion national debt over 10 years.

Lawmakers voted 52-48 to begin formal debate, a step that could lead on Thursday and Friday to a full vote on the bill. Republicans are eager to pass the legislation, wanting something to show for their control of the White House and both houses of Congress.

Republicans have a 52-48 majority in the 100-member Senate, giving them enough votes to approve the bill if they can hold together. Without Democratic support, Republicans can afford to lose no more than two of their own votes.

President Donald Trump in a speech in Missouri on Wednesday, implored members of his own party to get behind the effort, which would be his first significant legislative achievement since taking office in January.

“A vote to cut taxes is a vote to put America first again,” Trump said, adding the bill could “cost me a fortune” and that his wealthy friends were not happy. “My accountants are going crazy right now. It’s all right. Hey look, I am president, I don’t care. I don’t care anymore.”

Democrats say the tax cuts are a giveaway to corporations and the wealthy at the expense of working Americans. Some Democrats have said Trump and his children would gain from the bill, which would repeal the estate tax on inherited wealth.

Among Americans aware of the Republican tax plan, 49 percent said they were opposed, up from 41 percent in October, according to a Nov. 23-27 Reuters/Ipsos poll released on Wednesday. The latest online poll of 1,257 adults found 29 percent supporting the plan and 22 percent saying they “don’t know.”

The sweeping tax package was developed over several months behind closed doors by a small group of senior congressional and Trump administration figures, with little input from many Republican lawmakers and no involvement from Democrats.

A major sticking point in the Senate is how the bill deals with the federal deficit and the national debt.

Senator Bob Corker, one of the few remaining fiscal hawks in the Republican Party, wants to add a tax snap-back provision to the bill that would raise taxes automatically if economic growth targets are not hit in the future to offset a higher deficit.

That trigger proposal has become a target of growing criticism among conservative Republicans and lobbyists, including interest groups aligned with the billionaire industrialists Charles and David Koch, who say the prospect of tax hikes could undermine future economic growth.

“I’d prefer not having it there. We’re probably going to have one. But I’d prefer not having it,” Republican Senate Finance Committee Chairman Orrin Hatch told reporters.

For more on Republican tax reform efforts, watch Fortune’s video:

‘Getting a Deal Done’

Republican Senator David Perdue, a businessman from Georgia, said lawmakers could find common ground on a measure that delays any tax hike for at least five years and spreads the prospective burden among those who benefit from Republican tax cuts.

Senator Rob Portman, an Ohio Republican on the tax-writing Senate Finance Committee, suggested such an approach may be gaining ground.

“It looks like the idea is part way through the first 10 years, there’d be an opportunity to see if the economic growth numbers are performing as expected. And if not, there would be a trigger mechanism over a 10-year period,” Portman said.

Democrats and independents were trying to persuade nonpartisan Senate officials to disqualify parts of the bill, including one to allow drilling in the Arctic National Wildlife Refuge, as impermissible under Senate rules, an aide said.

While some Republicans signaled determination to get the bill passed, they still did not have the votes.

“It’s time for us to saddle up and ride. And I’m ready to go,” Republican Senator John Kennedy of Louisiana told reporters.

Corker declined to say whether he would vote for the tax bill even if Senate Republican leaders agree to the kind of trigger mechanism he wants.

“I don’t do conjecture,” he told reporters, saying he could have other concerns about the final legislation. “There are also qualitative issues like the bill not getting any worse, that it doesn’t get more expensive.”

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

U.S. allows Russia oil sales waiver to expire despite tight market
EnergyOil
U.S. allows Russia oil sales waiver to expire despite tight market
By Jennifer A. Dlouhy and BloombergMay 16, 2026
6 hours ago
Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
EnergyOil
Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
By Jason MaMay 16, 2026
11 hours ago
lirr
EconomyRailroads
Spring Hamptons traffic nightmare as Long Island Rail Road workers go on strike
By Philip Marcelo, Nick Lichtenberg and The Associated PressMay 16, 2026
16 hours ago
delivery
Retailecommerce
Walmart’s upper hand over Amazon in the $1 trillion e-commerce race: 90% of Americans live within 10 miles of a superstore
By Anne D'Innocenzio and The Associated PressMay 16, 2026
16 hours ago
milei
North AmericaInflation
Argentinians wage inflation strike on red meat sending beef consumption to 20-year low
By Clara Preve and The Associated PressMay 16, 2026
16 hours ago
tom
SuccessEntrepreneurs
Top Chef’s Tom Colicchio got a 15x return on a tech company most Americans have never heard of. He thinks his own industry is broken
By Nick LichtenbergMay 16, 2026
18 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
17 hours ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 2026
8 hours ago
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
Future of Work
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
By Jake AngeloMay 16, 2026
21 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
4 days ago
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
4 days ago
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
Future of Work
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
By Jacqueline MunisMay 16, 2026
18 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.