Republican Tax Reform Bill Clears Senate Budget Committee

US Capitol 112817

A Republican tax reform bill took another key step forward on Tuesday, as the legislation was approved by the Senate Budget Committee.

Members of the Senate Budget Committee voted 12 to 11 to advance the bill, with the vote coming down strictly along party lines.

The vote to send the bill to the Senate floor came after Republican Senators Bob Corker, R-Tenn., and Ron Johnson, R-Wis., dropped their objections to the legislation.

Ahead of the vote, Corker said he had reached an agreement on a provision that would raise tax rates if the economic growth generated by the tax cuts in the bill does not offset the cost.

Johnson previously indicated he would vote against the legislation, calling for deeper tax cut for pass-through businesses.

"Today's markup moves us one step closer to a simpler, fairer, and more transparent tax system," said Committee Chairman Mike Enzi, R-Wyo. "This bill will provide a needed makeover for our out-of-date tax code while advancing American energy security."

President Donald Trump visited Capitol Hill earlier in the day in an effort to build Republican support for the tax reform bill.

The full Senate could vote on the bill as early as Thursday, although the legislation still includes significant differences from the House version.

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