House approves Republican tax overhaul; Senate vote next

20 December, 2017, 00:44 | Author: Regina Lloyd
  • House approves Republican tax overhaul; Senate vote next

The House revote will occur on Wednesday.

Passage of the tax reform bill would deliver Trump and congressional Republicans a significant victory in 2017 and allow the president to stick to his promise to enact tax relief before the end of the year.

Touted as a centerpiece of President Donald Trump's election agenda, the measure now goes to the U.S. Senate, which is expected to approve it along party lines much as the House of Representatives did.

The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where it will be voted on later in the evening, according to Majority Leader Mitch McConnell.

Democrats say the bill will widen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion USA national debt. And the effects of the tax cuts will change dramatically after 2025 when individual income tax cuts are scheduled to expire, reported the WSJ.

Cuts the corporate tax rate to 21 percent, down for the current 35 percent.




House Speaker Paul Ryan, R-Wis., spoke on the House floor moments before the vote and said the legislation will "help hard-working Americans who have been left behind for too long". Asked if he was concerned by recent polling that shows the bill to be broadly unpopular, Ryan said he had "no concerns whatsoever", and he blamed the perception on misinformation.

Colin Parent, a councilman for the city of La Mesa, said the GOP tax plan would make it "harder for all ends of the housing ladder".

The controversial tax reform bill, also known as the Tax Cuts and Jobs Act, hasn't sat well with more than half of Americans, who say it would help neither their family's financial situation nor the USA economy, according to research by Gallup. Though the plan includes a provision that increases the child tax refund, it will, like the rest of it, mostly benefit rich families. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections. But it also needs to abide by Senate rules that allow the measure to pass with only 51 votes (hence numerous changes being only temporary). No Senate Democrats are expected to vote for it, meaning Republicans can lose only two of their 52 members for the bill to pass (Vice President Mike Pence would serve as a tiebreaker if there's a 50-50 vote). Sen.

Rep. John Faso, an upstate New York Republican who voted against the bill Tuesday, said in a Monday statement that the change in the SALT deduction "will accelerate the trend of hardworking individuals and businesses already leaving our state - further eroding New York's tax base". Republican Senator Jeff Flake was still undecided on Tuesday.

Republicans said the bill will create the lowest tax rate for job creators in modern history, and reduce taxes for working class Americans.

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