Corker statement on tax reform legislation
"After many conversations over the past several days with individuals from both sides of the aisle across Tennessee and around the country-including business owners, farmers, chambers of commerce and economic development leaders-I have decided to support the tax reform package we will vote on next week. "This bill is far from perfect, and left to my own accord, we would have reached bipartisan consensus on legislation that avoided any chance of adding to the deficit and far less would have been done on the individual side with items that do not generate economic growth. "But after great thought and consideration, I believe that this once-in-a-generation opportunity to make U.S. businesses domestically more productive and internationally more competitive is one we should not miss. While many project that it is very possible over the next ten years we could be at least $500 billion short on a $43 trillion policy baseline, I believe this bill accompanied with the significant regulatory changes that are underway, and hopefully, future pro-growth oriented policies relative to trade and immigration, could have significant positive impact on the well-being of Americans and help drive additional foreign direct investment in Tennessee. "In the end, after 11 years in the Senate, I know every bill we consider is imperfect and the question becomes is our country better off with or without this piece of legislation. I think we are better off with it. I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make."
NASHVILLE - U.S. Sen. Bob Corker, R-Tenn., announced this afternoon he will vote for the GOP tax overhaul bill, saying that while Senate and House compromise is "far from perfect," it's "a bet I'm willing to make."
The change of heart for the Chattanooga Republican, a self-described "deficit hawk" who was one of just two no Republican votes on the original Senate-passed Republican bill, came not long after U.S. Sen. Marco Rubio, R-Fla., announced he would vote for the controversial legislation.
In a statement, Corker said that "after many conversations over the past several days with individuals from both sides of the aisle across Tennessee and around the country-including business owners, farmers, chambers of commerce and economic development leaders - I have decided to support the tax reform package we will vote on next week."
He said the "bill is far from perfect, and left to my own accord, we would have reached bipartisan consensus on legislation that avoided any chance of adding to the deficit and far less would have been done on the individual side with items that do not generate economic growth."
But Corker, who isn't seeking reelection next year, said that "after great thought and consideration, I believe that this once-in-a-generation opportunity to make U.S. businesses domestically more productive and internationally more competitive is one we should not miss."
Acknowledging it "is very possible over the next ten years we could be at least $500 billion short on a $43 trillion policy baseline," Corker said "I believe this bill accompanied with the significant regulatory changes that are underway, and hopefully, future pro-growth oriented policies relative to trade and immigration, could have significant positive impact on the well-being of Americans and help drive additional foreign direct investment in Tennessee."
Republicans have a narrow 52-48 margin over Democrats and can afford to lose no more than two votes on the floor. Republican Vice President Mike Pence could is allowed to break any 50-50 tie to pass the plan.
No Democrats are expected to back the final bill. Democrats have sharply criticize the previous version's $1.5 trillion cost and focus on tax breaks for the wealthy.
Corker had been critical of the previous version's $1.5 trillion cost.
The bill is expected to come up for a final vote next week.