BREAKING NEWS Twice as many CA drivers cited for traveling at more than 100 mph this year Full Story
BREAKING NEWS North State Covid-19 updates: 91 new cases in Sutter County Full Story
STREAMING NOW: Watch Now

GOP tax plan: Real work happening behind the scenes

Top tax and policy staffers from both the House and the Senate met at various points Wednesday as the process of craf...

Posted: Dec 7, 2017 12:53 PM
Updated: Dec 7, 2017 12:53 PM

Top tax and policy staffers from both the House and the Senate met at various points Wednesday as the process of crafting a final bill picked up speed.

That will continue Thursday. Both chambers now officially have their conferees, but as has been the case for days, the real work is being done behind the scenes right now.

Keep an eye on any new shifts leaking out of the closed door negotiations

According to aides, now on the table: A 22% corporate tax rate

What to watch today

  • Keep an eye on any new shifts leaking out of the closed door negotiations
  • Listen to what the conferees say -- all, for the most part, have been involved in the process for months, but they've now got a coveted seat at the table. Any unusual demands or "red lines," unexpected as they may be, would be noteworthy.

Timing

House Republicans are now pushing to vote on the tax conference report by the end of next week. Why? They want to ensure it's decoupled from the end-of-year government spending package out of concern more moderate members could use the bill as leverage for a sweeter deal. The sped up timetable is, at this point, somewhat aspirational, according to several senior aides.

"Obviously if it's ready next week, we'd all like to vote next week," one told CNN.

Reconciling the separate House and Senate-passed bills, while aides in both chambers say it's only a matter of time, takes time. But if it's possible, don't be surprised if the process starts to move very quickly next week. There's certainly incentive for leaders in both chambers to create space between the tax bill and the spending package. It's just a matter of whether it's in the realm of possibility.

Corporate rate

President Donald Trump off-handedly mentioned that the corporate rate -- slashed to 20% from 35% in both House and Senate bills -- may end up at 22% while talking to reporters this past weekend. Top Senate and House Republicans quickly tried to shoot that idea down -- particularly in the Senate, keeping the rate at 20% during negotiations was not easy -- and upset a number of Republican senators.

Well, guess what: 22% is now on the table, according to several people involved in the talks. And top Hill Republicans are none-too-pleased that the President put it out there as an option after they'd taken such a hardline stance.

"If he doesn't bring it up, it's last resort. Now some of our guys think it's first resort," one source directly involved in the process told CNN.

The issue, as always, is revenue. Two points on the corporate code adds roughly $200 billion in revenue -- money they desperately need for the fixes, clean ups and compromises they are currently working into the bill.

This is far from a done deal -- Majority Leader Mitch McConnell in particular has publicly stated the number is 20% and it should stay there. But bumping up the rate two points is definitely now in play.

California Coronavirus Cases

Data is updated nightly.

Cases: 1160940

Reported Deaths: 18968
CountyCasesDeaths
Los Angeles3783237543
San Bernardino884531129
Riverside836851434
San Diego75305988
Orange731521559
Kern39721447
Fresno37021477
Sacramento35143557
Santa Clara32049470
Alameda28225502
San Joaquin25318504
Contra Costa23146258
Stanislaus21145422
Tulare20352305
Ventura18637175
Imperial15725356
San Francisco14874160
Monterey14354116
San Mateo13707170
Sonoma11712157
Merced11460179
Santa Barbara11166135
Kings1035987
Solano1003681
Marin7621129
Placer622468
Madera604785
San Luis Obispo588535
Shasta460147
Yolo447674
Santa Cruz413228
Butte381259
Sutter305715
Napa290417
El Dorado20914
Yuba194810
San Benito178416
Lassen17153
Tehama156525
Mendocino146822
Nevada11639
Glenn8837
Lake87719
Tuolumne8738
Humboldt8199
Colusa6826
Siskiyou5822
Mono5093
Amador47016
Calaveras46622
Del Norte2981
Inyo28316
Plumas1920
Trinity1360
Mariposa1242
Modoc1190
Alpine470
Sierra190
Unassigned00
Chico
Clear
63° wxIcon
Hi: 64° Lo: 36°
Feels Like: 63°
Oroville
Clear
62° wxIcon
Hi: 63° Lo: 38°
Feels Like: 62°
Paradise
Clear
63° wxIcon
Hi: 57° Lo: 39°
Feels Like: 63°
Chester
Clear
38° wxIcon
Hi: 42° Lo: 26°
Feels Like: 38°
Red Bluff
Clear
63° wxIcon
Hi: 64° Lo: 40°
Feels Like: 63°
Willows
Clear
63° wxIcon
Hi: 65° Lo: 41°
Feels Like: 63°
Your Thanksgiving will be sunny & breezy with mild temperatures.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events