Johnson cuts deal, should cast deciding vote on GOP tax bill
WASHINGTON (AP) -
Republican Sen. Ron Johnson says he has cut a deal with Senate leadership and is prepared to cast the deciding 50th vote to pass the GOP tax overhaul bill.
Johnson said Friday on the "Jay Weber Show" on WISN-AM in Milwaukee that he secured changes in the bill on taxes paid by pass-through businesses that helped win his support. He says there will also be better transition rules for companies that are reorganizing.
At issue were millions of businesses whose owners report the firm's profits on their individual tax returns. The vast majority of U.S. businesses are taxed this way.
Johnson says the deal also gives him a role in the process of reconciling the Senate and House versions of the bill.
Republican Sen. Ron Johnson of Wisconsin says he is still withholding support for the Republicans' sweeping tax package because it doesn't cut taxes enough for business owners.
The package would allow business owners who report business income on their individual returns to deduct 20 percent of that income. The vast majority of American businesses pay taxes this way.
Senate GOP leaders have increased the deduction from 17.4 percent, but Johnson says that isn't enough.
Johnson says "I'd like to see it go to 25" percent. He would pay for it by repealing the corporate deduction for state and local taxes.