Several areas of the Senate tax legislation remain unresolved the night before Republicans plan to release broader details of their plan, according to Senate Finance Chairman Orrin G. Hatch.
The GOP is still weighing whether to collapse any of the current seven tax brackets, when a cut to the corporate tax rate should take effect and whether the reduction should phase-out before the end of the ten-year budget window, according to the Utah Republican.
“We resolved a lot of problems, but we still have a lot more to do,” Hatch said, leaving a meeting between Senate Finance Committee members, Treasure Secretary Steven Mnuchin and top White House economic advisor Gary Cohn.
He reiterated that a chairman’s mark — which typically includes broad summaries of the proposals — is expected to be released on Thursday.
Hatch said the proposal should be similar, but not identical to the House bill, adding he was unsure exactly what will be included in the public release. The discrepancies between the two, however, should not complicate House passage of its own bill, Hatch said.
“We’re watching the House bill very carefully. We haven’t completely finished our bill yet either,” he told reporters. “We’re quite close to what they have.”
Senate Majority Whip John Cornyn said some final details will be released to members Thursday at 11:30 am.