Senate Republicans pass tax overhaul, Trump pleased

WHAT YOU NEED TO KNOW:


  • Senate Republicans have passed the largest U.S. tax overhaul in 30 years early Saturday.
  • This is a significant step for President Donald Trump in achieving his first major legislative triumph of his presidency.
  • The president intends to sign the tax plan into law before Christmas.

Trump tweeted his thanks to the Senate and House Republicans on Saturday. “Biggest Tax Bill and Tax Cuts in history just passed in the Senate,” he wrote incorrectly.



Though significant, the tax overhaul is not the biggest in history.

“We think this is a great day for the country,” Senate Majority Leader Mitch McConnell said at a press conference. “Just what the country needs to get growing again.”

According to the Republicans, the tax overhaul would benefit everyone, regardless of income level, and improve the economy.

Vice President Mike Pence, who presided over the Senate, announced the 51-49 vote. Sen. Bob Corker was the only one to cross party lines. He joined the Democrats in opposition

Corker said: “Obviously I’m kind of a dinosaur on the fiscal issues.” The senator fought to keep the bill from aggravating the government’s accumulated $20 trillion in debts.

The Democrats disregarded the bill in favor of wealthy businessmen at the expense of lower-earning people. According to Congress’ nonpartisan Joint Committee on Taxation, the bill’s reductions for many families would be modest. But families earning under $75,000 on average face higher, not lower, taxes by 2027.

Previously suffering from a series of blows, the result was a significant achievement for Republicans, who failed to revoke and replace the Affordable Care Act.

“For the first time since 1986, both the House and the Senate have passed a major overhaul of our nation’s tax code,” House Speaker Paul Ryan said. “Now we will move quickly to a conference committee so we can get a final bill to President Trump’s desk.”

The bill would lower the highest personal income tax rate from 39.6 percent to 38.5 percent. ‘The estate tax levied on a few thousand of the nation’s largest inheritances would be narrowed to affect even fewer.’

The standard deduction would nearly double to $12,000 for individuals and $24,000 for couples. There will no longer be deductions for state and local income taxes, moving expenses and other items. The per-child tax credit would grow.

The Senate bill would eradicate the “Obamacare” requirement. Industry experts note that would debilitate the law by alleviating pressure on healthier people to buy insurance. The nonpartisan Congressional Budget Office said this would cause premiums to increase and leave 13 million additional people without coverage.

Senate minority leader Chuck Schumer said: “In the waning hours, this bill is tilting further towards businesses and away from families. Every time the choice is between corporations and families, the Republicans choose corporations.”

Source: Yahoo

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15 thoughts on “Senate Republicans pass tax overhaul, Trump pleased

  1. Our country has passed on into the destructive concepts of the parallel ever famious “fall of the Roman Empire”. Trump has effectively pushed us on into how hitler took over Germany and put the wool over everyone’s eyes even taking us to hands tied behind our financial back. I am depressed and discouraged but haven’t given up yet. Faith will have to prevail here as overwhelmed by facts if corruption and deceit the trump administration has ruined our faith in our country but not our faith in god

  2. I would like to see them increase the amount those of us on Social Security can earn without being dinged. Personally I think the standard deduction increasing to $12,000 for an individual and $24,000 for a married couple is a good thing for lower income families. I am not pleased with removal of the deduction for State and County taxes, however. I applaud the penalty for not forcing me to purchase health insurance a good thing. The Affordable Health Care Act was costing me far more for my health insurance than I had been paying and the increases in my co-pays and deductibles was frightening. I think easing the estate taxes for people is also a good thing. We have been in the “Fall of the Roman Empire” mode for years. My faith in country was badly shaken during the last of the Bush years and all but destroyed during the Obama Administration but my faith in God did not waiver. I sit on the opposite side of the fence when it comes to what is destroying our country and would start with term limits for Congress and a retirement age for Supreme Court Justices. As for the Hitler and Nazi take over in Germany some people need to do more research.

  3. Has anyone ever received a paycheck from a poor person? Help the companies and in return they help American’s

  4. That piece of crap in the White House will get a pretty good hunk of change ,after saying all his rich friends would not like him because of his tax plan .BULL SHIT . WHITE HOUSE LIAR

  5. The only way the Government debt will ever be handled is for the Government to quit spending so much money. The problem is not a tax problem. It is a spending problem, and until those morons figure that out and do something about it, the national debt will continue to grow until the United States Government undergoes a total financial collapse. That is the way it is.

  6. Ιt’s awesomе to pay a quick visit this website and reading the views of all friends about thіs article, while I аm also eager of getting famіliarity.

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