WASHINGTON, December 19, 2017: The massive Republicans tax bill passed. The $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 homeschooling. The bill is in the House, once again, for another vote.
President Trump took to Twitter declaring victory.
The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.
— Donald J. Trump (@realDonaldTrump) December 20, 2017
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 say the cost of reducing tax collections by $1.5 trillion over the next 10 years would be offset by an explosion of economic growth. President Trump may be able to sign the Tax Cuts and Jobs Act 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’s passing, many people took to social media to share their anger. Democrat Senator Elizabeth Warren calls 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 dismiss suggestions the bill favors the wealthy.
so how about this
i promise to give
2 million dollars to senator susan collins
and 2 million to senator jeff flake
if they vote NO
NO I WILL NOT KILL AMERICANS
FOR THE SUOER RICH
DM me susan
DM me jeff
— ROSIE (@Rosie) December 20, 2017
When President Trumps signs this bill, it will become one of Trump’s most major accomplishments. Now the GOP and President Trump can end 2017 with a resounding success, not only with their massive Republican tax bill passed, but with the severe tax penalty imposed on those opting out of Obamacare coverage erased as well, accomplishing at least part of their “repeal and replace” pledge as well.