The Latest: Senate panel approves tax overhaul bill

Tim Scott
Sen. Tim Scott, R-S.C., the only African-American Republican serving in the Senate, talks to reporters about his plan to meet with President Donald Trump to discuss race and Trump's widely criticized response to last month's protests and racial violence in Charlottesville, Va., at the Capitol in Washington, Wednesday, Sept. 13, 2017. (AP Photo/J. Scott Applewhite)

The Senate’s Republican-led tax panel has moved toward ending the Affordable Care Act’s requirement that everyone in the U.S. have health insurance.

The repeal of the so-called individual mandate is part of a GOP tax cut bill that’s a top priority for President Donald Trump and the Republicans.

The Finance Committee voted 14-12 along party lines to approve the tax overhaul bill and send it to the full Senate for anticipated passage the week after next.

The move came several hours after the House voted 227-205 to pass its version of the $1.5 trillion overhaul legislation.

Like the House bill, the Senate measure would slash the corporate tax rate and reduce personal income tax rates for many.

 U.S. Senator Tim Scott (R-SC) released the statement below after the Senate Finance Committee passed the Senate version of the Tax Cuts and Jobs Act, the most comprehensive tax reform legislation moved by Congress in three decades.

“I want to thank Chairman Hatch and all of my Republican colleagues on the Finance Committee for their hard work drafting and advancing this once in a generation opportunity to revamp our nation’s tax code,” Senator Scott said. “We’re putting money back in the pockets of hardworking American families, ensuring the jobs of the future are created here in America, and giving some breathing room to a middle class that has been taxed too much for too long. Every single income bracket sees a tax decrease, and the typical American family will save upwards of $1,500 a year in taxes. I look forward to the full bill coming to the floor of the Senate in the coming weeks, and getting a tax reform package to the President’s desk before the end of the year. This is an amazing opportunity for the American family, and tax relief is coming!”

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