By STEPHEN A. JOHNSONAssociated PressThe Senate is expected to pass a $1.9 trillion tax overhaul, which will add more than $1 trillion to the national debt over the next decade.
The Republican-led chamber could approve the bill as early as Thursday, and then go to conference with the Democratic-controlled House and President Donald Trump.
The legislation would reduce the corporate tax rate from 35% to 20%, and raise the retirement age to 67 from 67.5.
It would also provide relief to individuals and families who receive government assistance to buy insurance, which is projected to cost $400 billion over the life of the bill.
The Senate voted overwhelmingly last week to pass the bill, with 51 Republicans voting for it and 46 Democrats voting against it.
Republicans have been trying to pass their tax bill for months.
They’ve been unable to get enough support to overcome the Democrats filibuster.
But Republicans were able to push their tax plan through the House after Democrats filibustered it in the Senate.
Republicans said the Senate tax overhaul will help the economy, provide relief for hard-hit middle-class Americans and reduce the deficit.
But many economists say the tax overhaul would create more debt than it helps the economy.
The Joint Committee on Taxation said the bill would increase the deficit by $1,851 billion over a decade.
It added that it’s unclear how many Americans will pay more in taxes, as a result of the tax changes.
The tax plan also will lower corporate taxes and allow companies to deduct state and local taxes, a provision Republicans have long called unfair.
But economists say that tax cuts would only benefit the rich.
They also said that most businesses will see an economic boost if the corporate rate is lowered from 35%, as Trump has suggested.
In recent weeks, Democrats have raised concerns that the tax cuts will not help the middle class, who would likely pay more because they would no longer be able to deduct the payroll taxes that help pay for many programs.
But the White House has pushed back on those claims.