WASHINGTON (dpa-AFX) - In the latest sign Senate Republicans will be able to pass their massive tax reform bill, Senator John McCain, R-Ariz., announced his support for the legislation on Thursday.
McCain, one of the last remaining Republican holdouts, acknowledged the bill is far from perfect but argued it would 'enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.'
'This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money,' McCain said.
McCain said he was pleased the bill was considered through the normal legislative processes, with several hearings and a thorough mark-up in the Senate Finance Committee.
The Arizona Senator argued the legislation's reduction in the corporate tax rate to 20 percent would make the U.S. more attractive for investment and said the bill would also encourage American companies to repatriate assets now held overseas.
'Small businesses, which are vitally important to the dynamism of our economy, would also receive essential tax relief,' McCain said. 'Combined, these commonsense steps would promote economic growth and stimulate job creation here at home.'
McCain noted that he shares some of his colleagues' concerns about the impact the tax reform bill will have on the budget deficit but claimed the legislation will clearly have a net positive effect on the economy.
Senator Lisa Murkowski, R-Alaska, another GOP wild card, also recently signaled her intention to vote for the bill, moving Senate Republicans another step closer to the finish line.
Republicans can only afford to lose two votes and still pass their tax reform bill through the budget reconciliation process.
On Wednesday, the Senate voted 52 to 48 along party lines to begin formal debate on the bill after negotiations convinced Republican holdouts to vote for the legislation.
The approval of the procedural motion sets the stage for a final Senate vote on the tax reform bill late Thursday or early Friday.
(Photo: Gage Skidmore)
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