The Senate voted along party lines early Wednesday to pass an economy-boosting tax reform bill that makes America’s corporate tax rates competitive in the global economy and provides rate cuts for middle-income earners and businesses.
The House of Representatives passed the measure Tuesday afternoon but will have to vote again Wednesday in order to send it to President Donald Trump for review and signature. The House-passed bill contained several minor provisions, such as the use of 529 savings plans to fund home-schooling expenses, that the Senate parliamentarian ruled could not be passed through reconciliation. Removing the provisions will send the bill back to the House for a vote that will easily succeed.
Vice President Mike Pence presided over the vote as it passed 51-48 in favor and after the House passes the amended version it is expected to be signed by week’s end. The president immediately congratulated the Senate on passage:
The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.
— Donald J. Trump (@realDonaldTrump) December 20, 2017
“After eight straight years of slow growth and underperformance, America is ready to take off,” Senate Majority Leader Mitch McConnell said following the vote.
Democrats, continuing their ill-thought strategy to oppose anything in the Trump agenda, failed to register even a single yes vote in either the House or Senate for a tax reform package that has benefits voters will be able to easily see. The IRS has already stated that new tax tables will mean lower taxes and higher paychecks for American middle-income earners as soon as February – something Republicans will be able to use in the 2018 mid-term elections. If the measure pushes GDP over 4%, it will be difficult for Democrats to explain their opposition to the electorate.