September 29, 2017 / 4:45 PM / 9 months ago

U.S. Senate panel proposes $1.5 trillion 10-year revenue cut for tax plan

WASHINGTON (Reuters) - The Republican-controlled U.S. Senate Budget Committee, in a crucial step forward for tax reform legislation, on Friday released a fiscal 2018 budget resolution that would allow tax cuts to lose up to $1.5 trillion in revenue over the next decade.

The measure, which could be marked up for a full Senate vote next week, is vital to Republican plans to move tax reform legislation through the Senate via a special parliamentary process that would allow Republicans to pass legislation without a customary 60-vote margin.

Republicans control the Senate by only a 52-48 margin and are unlikely to get much support from Democrats, if any.

“The Senate budget resolution drafted by Budget Committee Chairman Mike Enzi is a critical step to advance President Trump’s agenda to provide tax relief for the middle class and unleash economic prosperity for all Americans,” White House budget director Mick Mulvaney said.

“I urge the Senate to pass this resolution and come to a swift agreement with the House so President Trump can sign America-first tax relief into law this year,” Mulvaney said in a statement.

Republicans in the Senate and House of Representatives are moving quickly to adopt a budget resolution in hopes of enacting tax legislation before January.

The House is due to vote on its own resolution next week.

A unified version would have to be hammered out in a bicameral conference and approved by both chambers before the measure could take effect.

Reporting by David Morgan; Editing by Eric Walsh and James Dalgleish

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