U.S. Senator John McCain of Arizona announced that he will vote yes on the GOP tax reform bill. His support increases the possibility that the legislation will pass the Senate this week.
In a statement, McCain said, “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 believes all Americans will benefit from GOP tax reform bill
He added, “For too long, hardworking people in Arizona and around the country have not seen a raise in their paychecks. This bill would directly benefit all Americans, allowing them to keep a higher percentage of what they earn.” He believes that all Americans will see tax cuts based on the analysis of the Joint Committee on Taxation.
Furthermore, the senator said he is pleased that the GOP tax reform bill will go through the normal legislative process. He noted that several hearings were held and the Senate Finance Committee performed a thorough mark-up. For months, asked the Senate to return to regular order.
Moreover, McCain emphasized that the GOP tax reform bill will eliminate the Obamacare individual mandate. He believes that the “federal government should not penalize Americans who cannot afford to purchase expensive health insurance.” According to him, 80% of Arizonans who current pay individual mandate penalty have less $50,000 in annual income.
Finally, McCain admitted that the legislation is not perfect. However, he believes it will help reform the tax code, grow the economy, and provide relief for Americans.
Other Republican hold outs support GOP tax plan
Aside from McCain, Senator Lisa Murkowski of Alaska also announced that she will support the GOP tax reform legislation.
In a statement yesterday, Murkowski said she is supporting the bill because has several features that are attractive to Alaskans. One of them is the removal of the Obamacare individual mandate.
On the other hand, Sen. Susan Collins of Maine indicated the possibility that she will support the legislation. However, she is concerned about eliminating the Obamacare individual mandate. According to her, she will support repealing the mandate if Congress will tackle the impact on premiums.
“When you take out that one provision from the ACA it causes premiums to go up as healthier, younger people leave the market place,” she said. GOP leaders are planning to pass the Alexander-Murray bipartisan bill to stabilize Obamacare.