The Senate is making last minute changes to the tax overhaul bill after failing to get it across the line Thursday night. We’ll keep you in the know with the latest developments.

I Don’t Trust Nobody and Nobody Trusts Me. Senator Bob Corker is officially a no. That’s unsurprising. Many of his Senate colleagues soured on the idea of making major changes to the tax bill to satisfy him last night. His late Friday announcement, however, shows some party loyalty. He waited until the bill had enough votes to certainly pass, which prevented any “momentum” building against the bill.

Senator Bob Corker is officially a no. That’s unsurprising. Many of his Senate colleagues soured on the idea of making major changes to the tax bill to satisfy him last night. His late Friday announcement, however, shows some party loyalty. He waited until the bill had enough votes to certainly pass, which prevented any “momentum” building against the bill.

In the Nick of Time! Collins has been moving toward formally supporting the tax bill all day. Now it’s official. Collins office has released a statement saying she will support The Tax Cuts and Jobs Act. “We need a tax system that will boost the economy, help the middle class, and encourage small business to grow and create jobs,” Collins said. “If we stimulate the economy through tax reform, we can significantly increase federal revenue while boosting Americans’ take-home pay.” Collins statement also touted the value of doubling the child tax credit to “lower- and-middle-income taxpayers.” For those of you keeping score at home, that’s fifty-one GOP votes for the bill. Corker is still the holdout. And, of course, every single Democratic Senator.

Collins has been moving toward formally supporting the tax bill all day. Now it’s official. Collins office has released a statement saying she will support The Tax Cuts and Jobs Act. “We need a tax system that will boost the economy, help the middle class, and encourage small business to grow and create jobs,” Collins said. “If we stimulate the economy through tax reform, we can significantly increase federal revenue while boosting Americans’ take-home pay.” Collins statement also touted the value of doubling the child tax credit to “lower- and-middle-income taxpayers.” For those of you keeping score at home, that’s fifty-one GOP votes for the bill. Corker is still the holdout. And, of course, every single Democratic Senator.

Locked Me Out! Senate Claire McCaskill, a Democrat from Missouri, has tweeted what she describes as a list of amendments to the tax bill. She complained that they were shared with her by “lobbyists downtown” rather than Republican Senate “colleagues.” It is easy to see how, with no Democrats planning to vote for the bill under any circumstances, keeping Democrats informed about amendments might not be a top priority for Republican leaders.

This is so bad. We have just gotten list of amendments to be included in bill NOT from our R colleagues, but from lobbyists downtown. None of us have seen this list, but lobbyists have it. Need I say more? Disgusting. And we probably will not even be given time to read them. pic.twitter.com/Mn0i56JeZg — Claire McCaskill (@clairecmc) December 1, 2017

But Not for Me, Not for Me. So what was the gimmick that Flake wanted changed? Apparently, it was the sunset of provisions allowing immediate expensing of capital investments after five years. Now this will be phased out over time rather than ended all at once. That seems like an odd change as many economists say the boost to the economy from immediate expensing largely depends on it ending, which pushes forward corporate investments. Why stepping it down instead is less of a gimmick or more desriable as an economic booster is a mystery to us.

So what was the gimmick that Flake wanted changed? Apparently, it was the sunset of provisions allowing immediate expensing of capital investments after five years. Now this will be phased out over time rather than ended all at once. That seems like an odd change as many economists say the boost to the economy from immediate expensing largely depends on it ending, which pushes forward corporate investments. Why stepping it down instead is less of a gimmick or more desriable as an economic booster is a mystery to us. Another Day, Another Drama. More details on the AMT revival, this time from Bloomberg and CNBC. Bloomberg reports that Senator Mike Rounds of South Dakota says that the revised version would include an individual AMT. But CNBC reports that the bill will also include a corporate AMT, as well. According to the Joint Committee on Taxation, the full repeal of the AMT would cost $769 billion over the next 10 years. It’s not clear how much revenue would be restored by reviving a modified version.

More details on the AMT revival, this time from Bloomberg and CNBC. Bloomberg reports that Senator Mike Rounds of South Dakota says that the revised version would include an individual AMT. But CNBC reports that the bill will also include a corporate AMT, as well. According to the Joint Committee on Taxation, the full repeal of the AMT would cost $769 billion over the next 10 years. It’s not clear how much revenue would be restored by reviving a modified version. I Do It All the Time! The Senator from Maine–who still has not said if she will vote for the bill–has tweeted out two more changes.

The Sen. bill will include my amendment to reverse ill-advised elimination of catch-up contributions to retirement accounts for church, charity, school, & public employees. Amend. will protect ability of employees, including firefighters & police officers, to save for retirement. — Sen. Susan Collins (@SenatorCollins) December 1, 2017

The Senate bill will include my amendment to reduce the threshold for deducting medical expenses, which helps people with high medical costs, particularly seniors & people with chronic conditions. 8.8 million Americans use this deduction, half with incomes of $50,000 or less. — Sen. Susan Collins (@SenatorCollins) December 1, 2017

I Rose Up From the Dead! One of the most widely criticized and complicating parts of the current tax code, the Alternative Minimum Tax, won’t be repealed in the Senate plan, according to a report from the Wall Street Journal’s Richard Rubin. The report credits it to a “GOP aide.” The change would increase the threshold, according to Rubin. It’s not clear, however, whether that threshold would be indexed to inflation. It was the failure to index the AMT in the first place that led it to metastasize from a minimum tax on the very rich into a provision that complicated taxes for many upper-middle class taxpayers.

One of the most widely criticized and complicating parts of the current tax code, the Alternative Minimum Tax, won’t be repealed in the Senate plan, according to a report from the Wall Street Journal’s Richard Rubin. The report credits it to a “GOP aide.” The change would increase the threshold, according to Rubin. It’s not clear, however, whether that threshold would be indexed to inflation. It was the failure to index the AMT in the first place that led it to metastasize from a minimum tax on the very rich into a provision that complicated taxes for many upper-middle class taxpayers. All I Think About Is. Still some moving parts. Joseph Lawler of the Washington Examiner reports (via twitter) that Senators Rubio and Lee still want to expand child tax credit to lower-income families in tax bill and “are open to offsets besides higher corp rate.”

Still some moving parts. Joseph Lawler of the Washington Examiner reports (via twitter) that Senators Rubio and Lee still want to expand child tax credit to lower-income families in tax bill and “are open to offsets besides higher corp rate.” You Asked Me For A Place to Sleep. A follow-up tweet from Collins noting her delight and the benefit of the bill for the people of Maine. Now it really sounds like she will be the fifty-first vote, enabling Republicans to pass the tax bill without calling upon the Vice President to break a tie.

Delighted that the Senate has agreed to include my property tax deduction amendment, that will allow 166,000 Maine taxpayers who itemize to deduct a total of $725 million in property taxes each year. #MEPolitics — Sen. Susan Collins (@SenatorCollins) December 1, 2017

They Once Belonged To Me. Collins looks like she’s a yes too, although it is not confirmed. She tweeted out that the Senate bill will include a deduction of up to $10,000 for state and local property taxes, her last remaining issue with the bill.

The Senate tax bill will include my SALT amendment to allow taxpayers to deduct up to $10,000 for state and local property taxes. — Sen. Susan Collins (@SenatorCollins) December 1, 2017

I Don’t Like Your Kingdom Keys. Flake moves to the yes column. By our count, his is the fiftieth vote for the bill. His official statement:

“For nearly two decades I have advocated for a lower corporate tax rate that will enable U.S. business to compete globally and reforms that will deliver a fairer, simpler tax code.

“From the outset of the current debate on tax reform, my goal has been to ensure that Congress passes a tax reform package that is both fiscally-responsible and promotes economic growth. During the debate over the current bill, I’ve focused on two specific objectives. The first was to eliminate the $85 billion expensing budget gimmick in the bill. The second was to obtain a firm commitment from the Senate Leadership and the administration to work with me on a growth-oriented legislative solution to enact fair and permanent protections for DACA recipients.

“Having secured both of those objectives, I am pleased to announce I will vote in support the tax reform bill.”