CCAGW Annual Ratings

Tax Overhaul -- Motion to Recede and Concur


McConnell, R-Ky., motion that the Senate recede from its amendment and concur in the bill with a further amendment. The bill would revise the federal income tax system by lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for "pass-through" business income through 2025.

Vote Number: 
Senate Vote 323
Bill Number: 
HR 1
CCAGW Position: 
Vote Results: 
Motion agreed to 51-48 : R 51-0; D 0-46; I 0-2