As of Wednesday morning, the tax reform bill has been given its final stamp of approval and is heading to Trump’s desk, giving Americans a wonderful Christmas present.
Earlier this week the House has passed a major tax overhaul, the first in decades, which will be a huge break for most American households and businesses.
Passed on a Tuesday afternoon, the House approved the tax cut bill with 227 Republican votes. Interestingly enough, zero Democrats voted for the cut and at 12 Republicans voted against it.
Now, the bill has to pass the Senate. Apparently the Republicans will have enough votes to get it passed into legislation.
Breitbart reports, ‘On Monday, Maine’s Sen. Susan Collins said she would vote for the bill, bringing the likely votes in favor to at least fifty. Sen. John McCain is not expected to vote on the bill due to ongoing health issues.’
‘Approval for the tax cuts comes just four days after a panel of lawmakers from the House and Senate agreed to a new version of the bill reconciling the differences between bills passed earlier by the two chambers. The bill lowers taxes for every income bracket and reduces the tax rate for corporate profits to 21 percent,’ the report continued.
This bill is supposed to bring in major economic growth, adding up to 1.3% to our economy. Trump’s administration believes these tax cuts will cause greater growth and drive wages up for American workers.
‘Tax bills are expected to fall for about 70 percent of U.S. households. About half of the tax cuts will go to the middle class, according to data from the Joint Committee on Taxation,’ says Breitbart.
Now, the Senate has already done their job giving it their seal of approval after removing three provisions which violated chamber rules. After this was done Tuesday night, it was sent back to the House.
Fox News reported this morning that: The House gave the final stamp of approval Wednesday to a sweeping tax reform package, handing President Trump his first major legislative victory and most Americans a tax cut starting next year.
With a 224-201 House vote, Congress sent the $1.5 trillion package to Trump’s desk. The biggest rewrite of the federal tax code since the Reagan administration will usher in steep rate cuts for American companies, double the deduction millions of families claim on their annual returns and make a host of other changes taking effect in a matter of weeks.
“This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans,” Trump said during a Cabinet meeting moments before the vote.
— Donald J. Trump (@realDonaldTrump) December 20, 2017