Donald Trump is one step away from yet another major victory as the House of Representatives has passed the massive tax relief bill the president promised to pass on the campaign trail.
This tax bill is a major legislative victory and now if the U.S. Senate approves the bill it will go to Donald Trump’s desk for his signature marking yet another promise kept.
“The House passed The Tax Cuts and Jobs Act 227-203 Tuesday. 12 Republicans and all Democrats voted against the bill,” the Daily Caller reported today. Two House members were not present to vote.
As to the Senate, Republican Majority Leader Mitch McConnell is assuring the president that it will pass there, too, despite that the margin in the upper chamber is far less open for error.
Other senators agree:
“I’m confident we’ll pass it in about 10 hours after the House sends it to us, hopefully early tomorrow afternoon,” Senate Majority Whip John Cornyn (R, TX) said yesterday. “We’ll pass it either tomorrow night or Wednesday morning.”
This bill has already gone through the amendment process so the Senate has already had its chance to add or detract from it. And since the Senate already passed it once, it might seem like a foregone conclusion. But we shall see when the upper chamber brings it to the floor either tonight or on Wednesday.
DC explained some of what is in this bill:
Instead of shrinking the number of tax brackets from seven down to four, as President Trump campaigned for in 2016, the bill includes seven brackets with stratified rates for income earners. The lowest income earners, under the Republican bill, will pay 10 percent and the highest income earners will pay 37 percent. All of the tax breaks for individuals expire in 2026.
The bill doubles the standard deduction, which could be a boon for Republicans since the most taxpayers take advantage of that feature. Those who itemize their deductions, like taxpayers in New York and California, could lose out.
Middle-income households are expected to get an almost immediate boon if the bill passes the Senate. The Joint Committee on Taxation released analysis Monday evening that expects middle-income households will get $61 billion in tax cuts in 2019 alone. The top 1 percent of filers can also expect $61 billion in tax cuts that year.
It cuts the rates for the majority of American businesses, permanently lowers the corporate income tax rate to 21 percent and solidifies a rate for corporations to repatriate capital from overseas.
Another important aspect of this bill is that it cancels Obama’s Obamacare mandate meaning that Americans will no longer be forced to buy insurance or face IRS sanctions and fines if they don’t.
This provision makes the liberals furious, of course. But it is the best thing that could happen to the destructive healthcare law because the elimination of the mandate essentially cuts the legs (and the teeth) from the benighted law.
Daily Caller notes a few other aspects of the bill in its piece today, but those above are the most important ones.
The list of Republicans who voted “no” on the bill are as follows:
- Dana Rohrabacher-CA-48
- Darrell Issa-CA-49
- Walter B. Jones-NC-3
- Frank A. LoBiondo-NJ-2
- Christopher H. Smith-NJ-4
- Leonard Lance-NJ-7
- Rodney Frelinghuysen-NJ-11
- Lee Zeldin-NY-1
- Peter T. King-NY-2
- Dan Donovan-NY-11
John J. Faso-NY-19
- Elise Stefanik-NY-21
[Note: This post was written by Warner Todd Huston]