UPDATE: Daines Says 'Yes' To Current Republican Tax Plan After Changes
UPDATE (2:35 p.m.)
Republican Senator Steve Daines now says he'll support the GOP's tax overhaul.
In a statement released Monday, Daines said he wouldn't vote for the bill in its current form, and that he wanted to ensure small business owners in Montana aren’t being put at a disadvantage by the current tax bill.
In a series of tweets published Wednesday, Daines wrote, "I've seen enough progress to vote yes to move the debate forward."
[1/2] There has been some good progress for Main Street businesses in the tax cut bill. I was able to secure more than 60 billion in tax cuts for Main Street businesses. These Main Street businesses will be able to provide more jobs and higher wages in Montana and across the— Steve Daines (@SteveDaines) November 29, 2017
[2/2] country. I've seen enough progress to vote yes to move the debate forward.— Steve Daines (@SteveDaines) November 29, 2017
Republican Steve Daines is one of at least six U.S. senators currently opposing the GOP’s tax plan.
In a statement released Monday, Daines says he wants to ensure small business owners in Montana aren’t being put at a disadvantage by the current tax bill.
“Before I can support this bill I need to see improvements in this area. I’m optimistic and I’m going to continue working with my colleagues to find a solution,” he says.
At the heart of Daines’ concern is how small business owners are taxed. Currently, owners of so-called “pass through entities” are taxed personally for any profits their business makes.
Sometimes those taxes are as high as almost 40 percent. This includes businesses listed as S Corporations, LLCs or partnerships.
By contrast, large corporations, are often taxed less. Both Daines and another Republican, Senator Ron Johnson of Wisconsin, say that’s unfair.
While the current GOP tax plan gives these “pass-through entities” a 17.4 percent deduction, Daines and Johnson say that’s not enough.
According to a spokesperson, Daines is currently negotiating with other Senate republicans for a higher deduction. However, the exact number is unclear.
The Senate could vote on the tax reform bill as early as this week, but without the support of Daines and others, it may not pass.