Senate approves massive tax reform legislation
WASHINGTON, December 19, 2017 — Republicans passed a massive $1.5 trillion tax bill that included tax breaks for private businesses, lower tax rates for corporations and restructures the individual tax code. This latest bill is the most significant overhaul of the tax code in the last 30 years.
Democrat lawmakers convinced Congress that several minor provisions in the House version violated Senate budget rules. One of the provisions included the 529 savings which are used for college tuition and now would help finance home schooling. The bill is being sent back to the House for another vote. President Trump took to Twitter declaring victory.
The original House bill passed 227-203 vote on Tuesday, with no Democrats supporting it. Twelve Republicans also voted against the measure. The House bill was a major victory for House Speaker Paul Ryan, who spent 20 years advocating for tax reform.
Among the highlights of the Senate bill is the 40% tax cut for corporations. Supporters said the cost of reducing tax collections by $1.5 trillion over the next 10 years would be offset by an explosion of economic growth. The package called the Tax Cuts and Jobs Act is expected to be signed into law by Trump by the end of the week.
The tax reform bill included two provisions, including one that would repeal part of the Obamacare health system and the second provision would allow oil drilling in Alaska Arctic National Wildlife Refuge. After the bill was passed, many people took to social media to share their anger. Democrat Senator Elizabeth Warren called the legislation a “heist.”
Comedian Rosie O’Donnell attempted to bribe Senators Susan Collins and Jeff Flake, offering them $2 million to vote against the bill. Republicans dismissed suggestions that the bill was skewed toward the wealthy. When this bill is officially signed by Pres. Trump, it will become one of Trump’s most major accomplishments.
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