USD$78B Bipartisan Tax Deal On Brink Of Collapse

The USD$78 billion bipartisan and bicameral tax bill negotiated by Senate Finance Committee Chair Ron Wyden (D-OR) and House Way and Means Chair Jason Smith (R-MO) appears on the brink of collapse.

• Punchbowl News reports that Senator Mike Crapo (R-ID), “told GOP colleagues privately [at a GOP policy lunch] on Wednesday that he doesn’t want to pass a tax bill this year," adding, "Crapo made a 'chopping' motion with his hand while declaring he wouldn’t do a deal with Democrats on taxes this year.”
• Crapo’s position, which is backed by Senate Minority Leader Mitch McConnell (R-KY) and moderate Senator Mitt Romney (R-UT) means that Majority Leader Chuck Schumer (D-NY) is unlikely to find sufficient Republican support to discharge the bill from committee.
• Also working against the bill: A two-week recess scheduled to begin on Friday will bring any movement on the bill close to the individual tax-filing deadline on April 15 - an informal cutoff date, after which tax legislation is likely to be punted until next year.
• Senate Republicans are likely gambling on taking control of the Senate – and committee leadership – in January. With control of the committee, Senate Republicans envisage far more leverage in crafting tax legislation without including Democrat priorities.
• Reporter Andrew Desiderio notes that Schumer put the bill on the Senate’s calendar yesterday under Rule 14, but cautioned: "This is simply a procedural step & isn’t an indication that Schumer will eventually put the bill on the floor. But notable nonetheless."