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Senate Republicans Hope to Pass Tax Reform Bill Today

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Senate Republicans are hoping to pass their tax reform bill by the end of Friday.  They tried to seal the deal last night, but a handful of Republican senators could not get on board because of what the plan would add to the nation's deficit.  

Senators got back to work Friday morning, hammering out the GOP's tax overhaul bill after a long night of debate, and then a Republican rewrite behind closed doors.

The bipartisan Joint Committee on Taxation projects the bill would add another $1 trillion to the deficit over 10 years, but most Republicans don't buy it.

However, a few GOP deficit hawks, like Tennessee's Bob Corker, want to cut the bill's price tag. He's backing an idea to roll back some of the tax cuts after six years.

Republicans believe, regardless of projections, the bill will pay for itself. They say large corporations need a large tax cut in order to compete globally, and that will stimulate economic growth here in the U.S.

The current proposal takes corporate tax rate from 35% to 20%. Nevertheless, some corporations have already indicated their tax savings would NOT necessarily lead to increased wages or job creation.

Many Republicans say, however, that while the bill is imperfect, it's important to take advantage of the momentum. No Democrats support the bill.

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