US Senate approves major tax reforms in victory for Donald Trump

President Donald Trump   Joshua Lott  Getty Images

President Donald Trump Joshua Lott Getty Images

She promised to leave United States if Trump won and she's still here Scalise responds to Rosie calling him a "f--ing liar": "Bless your heart" Scalise on taxes: "All the rates are going to go down" MORE (R-La.) said Sunday the House and Senate are "pretty close" on the key aspects of each chambers' tax bill, despite what he acknowledged are "significant" differences.

And despite Republicans' longstanding fear of increasing the deficit, the bill will add an estimated $1.5 trillion in federal debt. Ron Johnson of Wisconsin, Jeff Flake of Arizona and Bob Corker of Tennessee raised concerns about the staggering cost of the package and other provisions.

Vice President Mike Pence said in a speech to the Tax Foundation in mid-November that the administration would "cut the corporate tax rate from one of the highest in the developed world down to 20 percent - and not a penny more".

No Democrats are expected to vote for the tax bill.

A House-Senate conference committee will be named to work out the differences, a process that could require hard choices.

Besides having obvious issues with the content of the bill, Senate Democrats were incensed by the rushed way it was passed.

Numerous last-minute changes were made to the bill on Friday and in the early morning hours of Saturday. Instead, the individual AMT would be adjusted and the corporate AMT would be maintained as is, lobbyists said. The group describes its mission as reforming the tax code "by reducing the corporate income tax rate to make it more competitive with our nation's major trading partners".

The Senate bill would gut a section of Obamacare by repealing a fee paid by some Americans who do not buy health insurance, a step critics said would undermine the Obamacare system and raise insurance premiums for the sick and the old.

Scalise said he supports the individual mandate repeal, adding that he'd like to see ObamaCare repealed and replaced.

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