Senate panel approves GOP tax plan

WASHINGTON—The Senate Finance Committee approved its tax package late Thursday night after a grueling four-day review, putting Republicans on track to approve a tax code rewrite by Christmas. The panel approved the bill on a 14-12, party-line vote. The Senate tax bill differs in a few key areas from the House version, which passed Thursday afternoon. Republican senators made all the individual tax cuts expire after 2025 in order to comply with Senate rules. But the corporate tax rate cuts are permanent, just like in the House version. GOP leaders also decided to couple the Senate tax bill with a repeal of the Affordable Care Act’s individual mandate. Because of this provision and the resulting loss of tax credit subsidies, the Joint Committee on Taxation estimated households earning between $10,000 and $30,000 would see their taxes rise under the Senate plan. Sen. Sherrod Brown, D-Ohio, accused Republicans of catering to the rich, a tactic GOP leaders dismissed. “I really resent anybody who says I’m just doing this for the rich, give me a break,” Senate Finance Committee Chairman Orrin Hatch, R-Utah, shot back. “So don’t spew that stuff on me, I get real tired of that crap.” The full Senate plans to vote on the tax bill the week after Thanksgiving.