Senate Finance Panel Passes GOP Tax Plan

The Senate Finance Committee approved Republicans’ plan to overhaul the tax code late Thursday night, voting 14-12 along party lines. The House approved its proposal earlier in the day, and the Senate’s plan will now move to the full chamber. Republicans are working to get compromise legislation onto President Trump’s desk by the new year. “For the millions of hard-working Americans who need more money in their pockets and the chance of a better future, help is on the way,” Senate Majority Leader Mitch McConnell (R-KY) said in a statement. “When the Senate returns after Thanksgiving, I will bring this must-pass legislation to the floor for further debate and open consideration.” Backers claim the bill would cut both individual and business taxes, and repeal the Affordable Care Act’s individual mandate.