The ‘Tax Cuts And Jobs Act’ Is Running Into Big Trouble

As debate has started on the markup in the House, reports are coming in that McCain (from the Senate) may have just killed the tax cuts. Here's the latest…

Here's a live debate of the House Ways and Means Committee on the Markup of the Tax Cuts and Jobs Act:

Reports are coming in that Senator John McCain is saying the tax plan is DOA.

From Zero Hedge:

The Republican tax reform bill is dead on arrival in the Senate now that John McCain has become the third Republican senator to confirm that he plans to vote against it.

What's worse for the Trump administration, McCain reportedly wants the bill to receive input from both parties – a criticism that he cited as his reason for voting against the Trump administration's plan to repeal and replace Obamacare. This is particularly problematic because there's approximately zero chance that any Democratic lawmakers will break ranks to vote with Republicans, despite President Donald Trump repeatedly saying that he expects to win over Democrats.

Recall that just yesterday, Vice President Pence was saying the tax cuts will indeed be undergoing changes:

Bloomberg is reporting that the next four days will be crucial for the tax plan:

The House tax-writing committee begins debate Monday on the GOP's proposed overhaul, kicking off four frantic days for lobbyists and lawmakers to revise a bill that represents President Donald Trump's final hope for a signature legislative achievement this year.

It could prove to be a make-or-break week. The head of the tax-writing panel, Kevin Brady, has signaled that he intends to allow revisions during his committee's meetings this week — but not when the bill is on the full House floor. That means other House members will have to settle for a take-it-or-leave-it vote — perhaps as soon as the week of Nov. 13.

Lobbyists and lawmakers are going to want to make their preferred changes, but "people are dreaming — it's awfully hard to get those tweaks in there," said John Feehery, a Republican lobbyist and former House leadership aide.

White House legislative affairs director Marc Short downplayed concerns a vote would be rushed through, saying in an interview Monday on Bloomberg Television that "it's not really four days" but rather several weeks, because the legislation also must clear the Senate and a conference process.

Democrats will get "every opportunity" to weigh in in the Senate, where amendments can be considered on the floor as well as in the committee progress, he said. Short acknowledged that Republicans have a "very narrow" margin for passage in the Senate but said, "We're confident we'll get it done."

Finally, SECTREAS would like to remind us to tune into Fox for the latest on just how our fearless Department of Treasury intends to MAGA:

Grab your popcorn and don't go out and blow your "tax cut" just yet. One thing is certain, and that is change…