Sen. Daines supports tax reform bill after earlier reservations - KPAX.com | Continuous News | Missoula & Western Montana

Sen. Daines supports tax reform bill after earlier reservations

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BILLINGS - Sen. Steve Daines (R-MT), who on Monday was one of nine Republicans with reservations about the Senate tax reform bill, said on Wednesday that he had seen enough changes to vote for the legislation.

“There has been some good progress for Main Street businesses in the tax cut bill,” said Sen. Daines in a press release. “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 country. I've seen enough progress to vote yes to move the debate forward."

Sen. Daines said Monday that he could not vote for the bill as it was because he believed it did not do enough for “Main Street.”

“When Congress took on tax cuts, we promised to create more high paying jobs and to grow the economy," Sen. Daines had said Monday. "I want to see changes to the tax cut bill that ensure main street businesses are not put at a competitive disadvantage against large corporations."

But on Wednesday, Sen. Daines said the $60 billion in tax cuts moves the deductible rate from 17.4% to 20%. 

Sen. Daines said in his press release that he also “secured the Interest Charge Domestic International Sales Corporation,” which reduces the tax for domestic companies that export sales to foreign customers.

The bill was approved Tuesday by the Senate Budget Committee in a party-line split of 12 to 11 and the measure could head to a vote as early as Thursday.

Critics of the bill point to the $1.5 trillion it would add to the budget deficit, according to the Congressional Budget Office. U.S. Sen. Jon Tester (D-MT) has already said that he is against the tax reform proposal.

Below is a video statement released by Sen. Daines office on Nov. 29.

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