John McCain Holds The Keys To Tax Reform’s Fate

Anybody who was watching the July Senate floor vote on the Republicans’ bill to repeal and replace Obamacare will remember the audible gasps that John McCain elicited when he surprised his own party by voting against the plan. And now just four months later, he’s gearing up to do it again.
According to the New York Times, McCain may once again decide the fate of one of the Trump administration’s top legislative priorities.
The senator from Arizona has been tight-lipped about whether he will vote ‘yea’ or ‘nay’ on the bill, which was voted out of the Senate Banking Committee yesterday with the support of Bob Corker and Ron Johnson, who have both expressed reservations about the plan – Johnson had even said he wouldn’t vote for it.
As the NYT points out, McCain has staked his career on a platform of fiscal responsibility, and has bucked his party by voting against tax cuts in the past.
McCain’s skepticism of tax cuts stretches at least as far back as 1994. At that time, he was fretting about being fiscally responsible now that Republicans had seized control of Congress. ‘I think we would be making a terrible mistake to go back to the 80s, where we cut all of those taxes and all of a sudden now we’ve got a debt that we’ve got to pay on an annual basis that is bigger than the amount that we spend on defense,’ McCain said.

This post was published at Zero Hedge on Nov 29, 2017.

 

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