The U.S. Senate stayed up to 1 am Wednesday, which is way past it’s bedtime, and passed the much-needed national tax cut and reform bill by a margin of 51-48.
Now the Senate approved bill moves back to the House where it passed earlier in the day by a margin of 227-203. Every single member of the House Democratic caucus voted against cutting taxes for all Americans, as did 12 Republicans.
“This bill will make American companies more competitive in the global economy. Our 35 percent corporate tax rate is the highest in the industrialized world. Lowering the rate to 21 percent will increase our competitive edge, reduce the temptation for companies to set up shop overseas, and will help facilitate repatriation of their assets back to the U.S.”-Rep. Ted Yoho (R)
President Trump, who tweeted his approval of the passing of the bill, is expected to sign the bill into law by Christmas.
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 Terrible Individual Mandate (ObamaCare)Repealed.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
Even though the Republican tax bill significantly lessens the tax burden for most Americans, it could have gone further if legislators focused more on wedging out a few more points from several of the seven individual tax brackets.
Senator Marco Rubio (R), who held out his support for the bill unless his child tax credit demands were met (he got his) expressed his support the bill:
“My priority for tax reform has always been to provide meaningful tax relief to working American families and ensure our nation is economically competitive. A tax code that is more pro-growth and pro-family is long overdue, and that is why I am proud to support the tax reform bill today.”-Sen. Marco Rubio (R)
As you can imagine, Democrats are not all that happy about what has happened.
Democrats like Senate Minority Leader Chuck Schumer called the bill a “disgrace,” while Senator Elizabeth Warren (R) expressed her displeasure in the passing of the bill by tweeting that “a reckoning” was coming.
It appears as if the historic tax overhaul is the only reckoning that has come in response to the decades-long Democratic Party grip on the federal government and the U.S. tax code.
“It has been over 30 years since our country has seen significant tax reform. Today we will make history and change that. I am proud to stand with my colleagues in voting for a bill the will allow Americans to keep more of what they earn.”-Rep. Mario Diaz-Balart (R)