House and Senate GOP leaders reach deal on tax package, sources say

The Chicago Tribune reports:

House and Senate GOP leaders forged an agreement Wednesday on a sweeping overhaul of the nation's tax laws, paving the way for final votes next week to slash taxes for businesses and give many Americans modest tax cuts starting next year.

Top GOP aides said lawmakers had reached an agreement in principle on the final package. They spoke on condition of anonymity because they were not authorized to talk publicly about private negotiations.



Details still need to be drafted and assessed by congressional scorekeepers, but the final House-Senate compromise is on track to be unveiled this week, the aides said.

Asked if there is a deal in principle on the tax cuts, Sen. Orrin Hatch, R-Utah, said, "It's more than that. I think we've got a pretty good deal."

The measure would give President Donald Trump his first major victory in Congress. It fulfills a longstanding goal by top Republicans such as Speaker Paul Ryan to rewrite the loophole-cluttered tax code.

The measure has come under assault by Democrats who say it is unfairly tilted in favor of business and the wealthy.

Top Senate Democrat Chuck Schumer said Wednesday GOP leaders should pump the brakes on taxes and delay a final vote until Sen.-elect Doug Jones, D-Ala., is sworn in.

"It would be wrong for Senate Republicans to jam through this tax bill without giving the newly elected senator from Alabama the opportunity to cast his vote," Schumer told reporters. "That's exactly what Republicans argued when (former Massachusetts GOP Sen.) Scott Brown was elected in 2010."

Imagine that.