We all remember when President Donald Trump unveiled his tax plan on his official website( he was still only president-elect bach then) and, safe to say, a lot of people were surprised by it. How much will you be paying? Well, relief probably is on the way.
According to the website, Trump’s vision for his tax plan promised to “reduce taxes across the board — especially for working and middle-income Americans.” The vision also stated that “(n)o one will pay so much that it destroys jobs or undermines our ability to compete.”
Even if the Democrats opposed President Trump he won his first major victory!
US senators have passed a sweeping tax cuts bill, paving the way for Donald Trump’s first big legislative victory.
The package would mark the biggest tax overhaul since the 1980s. It was passed by 51 votes to 49, after a series of amendments in a marathon session.
Democrats complained it only benefited the wealthy and big business.
The plan sees a sharp cut in corporation tax, but a Senate committee finding has warned it would add $1tn (£742bn) to the budget deficit.
President Trump wants the measures enacted by the end of the year and he congratulated Republicans for taking the US “one step closer to delivering massive tax cuts for working families”.
The Senate will now have to merge its legislation with that passed last month by the House of Representatives, before it can be signed into law by the president.
Vice President Mike Pence, who presided over Saturday’s vote, announced the 51-49 result to applause from Republicans. No Democrat voted for the bill.
The plan, entitled the Tax Cuts and Jobs Act (TCJA), amounts to the largest tax overhaul in the US since 1986, and will add $1.4 trillion over 10 years to the country’s budget deficit.
It cuts the corporate tax rate from 35 percent to 20 percent and offers modest reductions for all income levels.
Praising the bill, Trump said on Twitter, “We are one step closer to delivering massive tax cuts for working families across America”.
Mitch McConnell, the Republican leader in the Senate, said the reforms would “make America more competitive and keep jobs from being shipped offshore and provide substantial relief to the middle class”.
Democrats, however, derided the bill as a poor deal for the middle-class and poor Americans.
Chuck Schumer, the Senate Democratic leader, described it as “regressive” and “ill-suited for the condition of the country”.
Democrat Senator Bernie Sanders accused Republicans of “looting the Treasury” while Senator Jon Tester said he had received the 479-page bill just a few hours before the vote. One page had “hand scribbled policy changed on it that can’t be read”, he said.
At least four Republican Senators, whose votes had been in doubt over concerns about the deficit, said they would back the bill on Friday after McConnell agreed to make changes.
The lone Republican dissenter, Senator Bob Corker, said he was disappointed by the vote.
“I wanted to get to yes,” Corker said in a statement, “But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that … could deepen the debt burden on future generations.”
The Republicans hold a 52-48 Senate majority. The Senate and the House must now negotiate a single bill before the reforms can be signed into law.
The Republican-led House approved its own tax bill in November.
“Now, we will move quickly to a conference committee so we can get a final bill to President Trump’s desk,” House Speaker Paul Ryan said in a statement.
Trump said he hoped to sign the final bill before Christmas.
Alex D is a conservative journalist, who covers all issues of importance for conservatives. He writes for Supreme Insider, Red State Nation, Defiant America, Right Journalism and Conservative US. He brings attention and insight from what happens in the White House to the streets of American towns, because it all has an impact on our future, and the country left for our children. Exposing the truth is his ultimate goal, mixed with wit where it’s appropriate, and feels that journalism shouldn’t be censored. Join him & let’s spread the good word!