September 29, 2017 / 3:55 PM / 3 years ago

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

WASHINGTON (Reuters) - The Republican-controlled Senate Budget Committee, in a crucial step forward for tax reform legislation, released a fiscal year 2018 budget resolution on Friday 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.

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.

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