Senate Passes $1.5 Trillion Tax Cut Early Wednesday Morning … Pending Procedural House Vote … Trump To Sign This Afternoon
MERRY CHRISTMAS FROM TRUMP AND THE GOP …
Early Wednesday morning, the U.S. Senate passed the 1.5 trillion tax cut bill. It will be sent on to the House Wednesday for a vote and then off to President Trump this afternoon for signing. The Senate vote was along party lines, 51-48, with not one Democrat voting in favor of the bill. That is correct America, not one Democrat wanted to give the American people a tax cut. The House passed The Tax Cuts and Jobs Act 227-203 on Tuesday where 12 Republicans and all Democrats voted against the bill.
Sadly. the LEFT is more worried about their resistance to President Trump than they are in giving a tax break to the American people. Like it for not Democrats and the liberal MSM, this is a huge win for President Trump. We shall see what these fake, skewed polls look like when the American people see a change in their pay checks in February. As stated at The Weekly Standard, “The tax bill may be polling poorly as it heads to Trump’s desk, but he and the Republican party head into next year’s midterm election cycle with a substantive legislative accomplishment they can argue is helping boost the economy.”
The Senate passed the GOP’s $1.5 trillion tax cut early Wednesday morning, leaving just one technical hurdle and President Trump’s signature as the final steps before the president’s top legislative priority becomes reality.
There was little last-minute drama in the Senate where the final tally was 51-48 – hardly different from the original version that cleared the Senate earlier this month.
Not a single Democrat voted for it, just as none in the House voted for a similar bill earlier on Tuesday.
Moments after the measure passed, Trump was quick to voice his approval and said if the House succeeds in a final re-vote Wednesday morning, there will be a White House news conference at 1:00 p.m.
‘The United States Senate just passed the biggest in history Tax Cut and Reform Bill,’ he tweeted just after 1:00 in the morning. ‘Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote.’
From The Cato Institute: Final Tax Bill: Biggest Cuts for the Middle.
The Joint Committee on Taxation (JCT) has released its distributional analysis of the final Republican tax bill. The bill provides even larger percentage cuts for middle earners than previous versions of the legislation.
If the legislation is enacted, higher earners will pay an even larger share of the overall income tax burden than they do now. Our highly “progressive” income tax will be even more progressive. That approach is counter to sound fiscal governance and undermines the growth potential of tax reform, but that is what Republicans are delivering.
Looking at JCT’s table for 2019, second column, the percentage cuts are roughly similar across income groups from $20,000 to $1,000,000. But the JCT table slants the results by including payroll and excise taxes. The table under-measures the percentage cuts to the middle compared to the top.