Sen. John McCain, one of the three Republican votes that helped kill the ObamaCare repeal bill, said on Thursday that he will support the Senate Republicans’ tax plan.
“After careful thought and consideration, I have decided to support the Senate tax reform bill. I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long-overdue tax relief for middle-class families,” McCain said in a statement.
McCain said the bill would “directly benefit all Americans, allowing them to keep a higher percentage of what they earn.”
GOP Sen. Lisa Murkowski, who also voted to kill an ObamaCare repeal effort in July, announced on Wednesday that she would back the tax-reform bill.
“I am pleased that this important bill was considered through the normal legislative processes, with several hearings and a thorough mark-up in the Senate Finance Committee during which more than 350 amendments were filed and 69 received a vote,” he said.
The Congressional Budget Office estimates that the GOP bill would increase the deficit by $1.4 trillion over the next decade.
McCain noted he takes “seriously the concerns” of his colleagues, but thinks the bill will help the economy.
“This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money,” he said.
In an article published Wednesday on the AARP’s website, the organization’s vice president and policy director warned that millions of senior citizens could see tax increases under the Senate’s version of the GOP’s tax reform plan, according to their own analysis of the bill.
The AARP added:
As a result of sunsetting the SFC’s middle-class tax cuts, the projected number of taxpayers 65+ experiencing a tax hike would jump more than four times in eight years from 1.2 million in 2019 to 5.2 million in 2027. Add the 5.6 million older Americans who would see no tax change in 2027, and the total number of taxpayers 65+ not receiving a tax cut rises to 10.8 million. As for taxpayers 65+ with incomes below $65,150, by 2027, 36 percent would either see no change in their income taxes or experience a tax increase compared to under current law.