undergroundnewsroom.com April 22, 2018

House passes sweeping GOP tax bill, Senate to follow

20 December 2017, 01:24 | Damon Campbell

Image via AP

Image via AP

The bill was opposed by every Democrat and some Republicans - 11 of the 12 of GOPers who voted no were from high-tax states like New Jersey, New York and California.

The Senate, where the vote appears to be tighter, will vote on the measure later Tuesday night after a period of floor debate, the chamber's Majority Leader Mitch McConnell said.

In an early morning tweet Tuesday, Trump savors what would be his biggest legislative accomplishment as president, and says "DOW RISES 5000 POINTS ON THE YEAR FOR THE FIRST TIME EVER - MAKE AMERICA GREAT AGAIN!"

Republicans' tax plan - which would steeply and permanently reduce taxes for corporations, while temporarily cutting taxes for many individuals - passed the House of Representatives Tuesday afternoon.

The Republican plan is projected to add almost $1.5 trillion to the national debt over the coming decade, according to the Joint Committee on Taxation, but that figure drops to about $1 trillion when economic growth is taken into consideration. "So the extent that this really is a tax cut and that people will start to feel those tax cuts and therefore more take-home pay next year, it's really good for Republicans", said Jon McHenry, a Republican pollster and strategist. "This is the beginning". The bill doesn't eliminate many loopholes and special provisions as they promised, including the carried-interest loophole that benefits private equity and hedge fund managers, some of the wealthiest earners in America.

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They also warn the reform risks blowing a hole in the national debt, which has surged past $20 trillion.

The bill also matches the version passed by the Senate in doing away with the Affordable Care Act's individual mandate to obtain insurance, effectively making the tax bill double as Republicans' biggest blow to Obamacare.

Even with the delay, if all goes to plan, the bill will make it to President Trump's desk before the GOP's self-imposed Christmas deadline. John McCain, who is in Arizona receiving care for complications from his cancer treatment, is not expected to be in Washington to vote for the bill, bringing Republicans' vote total to 51.

The Senate result was in doubt in recent weeks. This legislation provides direct and immediate tax relief for individual Americans and American families by doubling the standard deduction and doubling the child tax credit to $2,000 per child with $1,400 being refundable for working families not earning enough to pay federal income taxes.

While Republicans failed earlier this year to repeal and replace the health care law of Trump's predecessor Barack Obama, the tax plan takes a key step in that regard, by scrapping the individual mandate that requires almost all Americans to have health insurance or pay a fine. Banks with assets of less than $10 billion will still be able to write off their deposit insurance premiums.

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