A Republican senator who declared his opposition to the Senate’s tax plan on Wednesday said President Donald Trump called him Wednesday night. Wisconsin Senator Ron Johnson didn’t elaborate on the conversation, but he told CNBC Thursday morning that he wants “to vote yes” on the tax-overhaul plan and he’s optimistic that his concerns can be addressed.
Johnson has said that in its current form, the Senate plan doesn’t offer enough benefits for closely held businesses organized as pass-throughs. Such businesses, which include partnerships, S corporations and sole proprietorships, pass their earnings to their owners, who pay income taxes at their individual rates.
The White House is working on addressing Johnson’s issue and is happy he expressed his concerns before the vote, according to a senior administration official who asked not to be named because the discussions were private.
Meanwhile, Trump is scheduled to meet with House Republicans Thursday ahead of the chamber’s floor vote on its tax legislation. That vote is scheduled for after 1:30 p.m.
House Speaker Paul Ryan said Thursday morning that the House will pass the package of tax rate cuts for corporations, businesses and individuals -- and he dismissed studies that have said the measure would give some taxpayers higher bills.
“I’m sure there are some wealthy people out there with lawyers and accountants” who can take advantage of tax breaks under current law, Ryan said during an interview on “Fox and Friends.” When Congress acts to take away those advantages, “they’re not going to like that,” he said.
The House and Senate are working on legislation that will have significant differences. Those disparities will have to be worked out between the chambers before any measure can become law. Ryan called the legislation “a work in progress” and predicted it would get better after today’s vote.