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Trump Support Could Ease Passage Of Bipartisan Tax Bill

US
HomepagePolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsPolitical Market NewsSmith (DS) (SMDS) Market News

Republican opposition to a USD$78 billion bipartisan tax bill, which cleared the House in a strongly bipartisan vote last month, may soften after reports that former President Donald Trump is not opposed to the legislation.

  • The bill, which enhances child tax credits and reinstates some business tax breaks, is considered the most broadly bipartisan legislation pending ahead of November's general election and includes policy wins for both Republicans and Democrats.
  • Democrats have eyed attaching the package to FY2024 approps bills, or a Continuing Resolution which may be legislated this week, to get the bill completed before the end of filing season, but Senate Finance ranking Republican, Mike Crapo (R-ID), has blocked movement in the Finance Committee.
  • Republican Senators Steve Daines (R-MO) and Todd Young (R-IN) indicated to reporters this week that they want to see the bill passed and noted the bill would be, “very important for global competitiveness.”
  • Semafor: "The fate of the package is still murky, but it might have at least one key advantage: Conservative tax activist Grover Norquist [said] that people in Donald Trump’s campaign he’s spoken with so far don’t sound opposed to the bill.”
  • Analysts at Grant Thornton note: "An agreement to offer a vote on amendments, either in committee or on the Senate floor, would likely help smooth over those process concerns and allow for objections to different parts of the bill to be aired. However, any substantive changes made would send the bill back to the House, further slowing the proposed tax credit extensions."
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Republican opposition to a USD$78 billion bipartisan tax bill, which cleared the House in a strongly bipartisan vote last month, may soften after reports that former President Donald Trump is not opposed to the legislation.

  • The bill, which enhances child tax credits and reinstates some business tax breaks, is considered the most broadly bipartisan legislation pending ahead of November's general election and includes policy wins for both Republicans and Democrats.
  • Democrats have eyed attaching the package to FY2024 approps bills, or a Continuing Resolution which may be legislated this week, to get the bill completed before the end of filing season, but Senate Finance ranking Republican, Mike Crapo (R-ID), has blocked movement in the Finance Committee.
  • Republican Senators Steve Daines (R-MO) and Todd Young (R-IN) indicated to reporters this week that they want to see the bill passed and noted the bill would be, “very important for global competitiveness.”
  • Semafor: "The fate of the package is still murky, but it might have at least one key advantage: Conservative tax activist Grover Norquist [said] that people in Donald Trump’s campaign he’s spoken with so far don’t sound opposed to the bill.”
  • Analysts at Grant Thornton note: "An agreement to offer a vote on amendments, either in committee or on the Senate floor, would likely help smooth over those process concerns and allow for objections to different parts of the bill to be aired. However, any substantive changes made would send the bill back to the House, further slowing the proposed tax credit extensions."