Uncategorized

Congress wraps up massive tax package, tax cuts are a done deal

Congressional Republicans delivered an epic overhaul of U.S. tax laws to President Donald Trump on Wednesday, bringing generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families.

In a re-vote due to a last-minute hiccup, the House passed the massive $1.5 trillion tax package that affects everyone’s taxes but is dominated by breaks for business and higher earners. Democrats call the legislation a boon to the rich that leaves middle-class and working Americans behind.

The vote was 224-201 and came hours after the Senate’s early morning passage along party-lines. It is the first major overhaul of the nation’s tax laws since 1986.

Congressional Republicans have cast the bill as a blessing for the middle class, an argument they will stress in their drive to hold onto their congressional majorities in next year’s midterm elections. But one comment by Trump could complicate their messaging.

The Senate used a post-midnight vote Wednesday morning to approve the measure on a party-line 51-48 tally. Protesters interrupted with chants of, “Kill the bill, don’t kill us” and Vice President Mike Pence repeatedly called for order. Upon passage, Republicans cheered, with Treasury Secretary Steve Mnuchin among them.

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Categories: Uncategorized

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