The United States Senate on Saturday voted in favor of a sweeping tax overhaul worth roughly $1.4 trillion, putting the Trump White House a big step closer to its first major legislative victory – and many Americans closer to a tax cut. According to Fox news, the Senate voted 51-49, with Republican Bob Corker of Tennessee the only member of the GOP to side with the Democrats in opposition.
Shortly after the passage of the Bill entitled, the Tax Cuts and Jobs Act (TCJA), President Trump tweeted;
"We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas!"
Meanwhile, the Minority Leader, Nancy Pelosi has described the legislation as a betrayal of the American middle class. Pelosi in a statement issued after the passage wrote;
“The GOP tax scam is a product of haste, carelessness and cruelty. It was written on Republicans’ trickle-down delusions, not analysis or facts. It was written first and foremost for the wealthiest one percent, not middle class families trying to get ahead."
The bill is not yet finalized, but its passage means the Senate and House have passed similar tax reform plans, but negotiators from both chambers will start meeting Monday to agree on a single piece of legislation that both chambers must approve before it is sent to the president for his signature.
The Tax Cuts and Jobs Act (TCJA) when passed will signal the largest tax overhaul in the US since 1986, and will add $1.4 trillion over 10 years to the country's budget deficit. The bill cuts the corporate tax rate from 35 percent to 20 percent and offers modest reductions for all income levels.
