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John McCain says he's voting in favor of the 'far from perfect' tax reform bill

Sen. John McCain (R-Ariz.) announced Thursday that he would vote in favor of the Republicans tax reform plan. (Chip Somodevilla/Getty Images)

Arizona Sen. John McCain (R) announced he's voting in favor of the Senate Republicans' tax reform bill that could clear the Senate by Friday.

"After careful thought and consideration, I have decided to support the Senate tax reform bill," McCain said in a statement Thursday. "I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families."

McCain's support comes a day after key swing Republican Sen. Lisa Murkowski (R-Alaska) revealed she's voting in favor of the bill.

How many votes are needed?

Senate Republicans need 50 of its 52 members to vote "yes" to pass the legislation.

McCain, whose vote was considered a wild card, gives the bill needed momentum to make it through the Senate, CNN reported.

What happens if it clears the Senate?

Once the bill clears the Senate, it will head to Conference Committee, the House and Senate approved slightly different bills.

Together, lawmakers will convene to craft a compromise bill that would eventually land on the president's desk.

Congressional Republicans hope to present a bill to President Donald Trump by year's end.

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