When the GOP unveil their tax reform bill Wednesday they'll have a by-now famliiar obstacle to clear: Maine Senator Susan Collins.
The Republican senator indicated Monday that she is opposed to two tax breaks for the wealthy included in the draft of the GOP tax reform bill expected to be announced in Congress Wednesday, November 1. The tax reform bill is same one that Donald Trump has referred to as "historic" in recent tweets, alleging that "Democrats" and FBI special prosecutor Robert Mueller are trying to obstruct the party's progress with the recent indictment of former Trump campaign manager Paul Manafort and assistant Richard Gates.
“I do not believe that the top rate should be lowered for individuals who are making more than $1 million a year,” Collins said during an interview with Bloomberg News. “I don’t think there’s any need to eliminate the estate tax.”
The U.S. estate tax takes 40 percent from estates valued above $5.49 million for individuals or $10.98 million for couples. Last month, the GOP and White House officials released a tax reform proposal that would eliminate the estate tax. It would also be expected to include a provision that would cut the corporate tax rate from 35 percent to 20 percent over a span of five years, shaving three percent per annum.
On several occasions in 2017, Collins's vote was a critical wrench in the gears of a GOP-led congressional effort to repeal Obamacare, most recently voting NO on the Graham-Cassidy bill in late September. Reuters reported on October 15 that Senator Collins said she was "likely a yes" vote on tax reform.
On Monday, Topher Spiro, a Senior Fellow of Economic Policy at the Center for American Progress, tweeted "When the history books are written, it's quite possible Susan Collins will have done more than anyone else to bring down Trump."
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