History Made: Senate Passes President Trump’s Tax Reform
Early Wednesday, Republicans passed the most sweeping rewrite of our nation’s tax laws in more than 30 years.
American taxpayer will love it when they see their paychecks in the New Year.
President Donald Trump cheered in celebration of his Key legislative victory.
The Senate passed the legislation on a party-line vote, 51-48, after Midnight, hours after the GOP rammed it through the House, 227-203.
“This was a promise made. This is a promise kept,” House Speaker Ryan and other GOP leaders said at a victory news conference.
“The proof will be in the paychecks,” Senator Rob Portman, (R-OH), said during the Senate’s nighttime debate. “This is real tax relief, and it’s needed.”
Speaker Ryan insistent declared, “Results are what’s going to make this popular.”
Tax cuts for corporations would be permanent while the cuts for individuals would expire in Y 2026 to comply with Senate budget rules. The tax cuts would take effect in January, and workers would start to see changes in the amount of taxes withheld from their paychecks in February.
The bill will slash the corporate income tax rate from 35 to 21%. The top tax rate for individuals would be lowered from 39.6 to 37%.
The legislation repeals a Key part of the Y 2010 Obamacare law, the requirement that all Americans carry health insurance or face a penalty, as the GOP unravels the law
The bill is projected to add $1.46-Tto the nation’s debt over a decade.
GOP lawmakers say they expect a future Congress to continue the tax cuts so they will not expire.
The bill will initially provide tax cuts for Americans of all incomes.
The bill will be on our President’s desk for signature very soon, a Christmas gift for all Americas and American businesses.
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