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Tax Cuts and Jobs Act passes in Senate

(FinancialPress) — The Republican tax bill was passed through Senate over the weekend – with a notorious abstention from voting from all democrat representatives.

Mitch McConnell, the Republican Senate Majority Leader, lauded the GOP‘s victory – calling the bill “the most extensive tax reform in 31 years“. The Committee on Joint Taxation was not as warm on the outcome, though – claiming that it will add a trillion dollars to the USA‘s deficit.

Democrats criticized the top-of-the-hour addons to the bill – some of which were not pertinent to tax reform or law – a key reason for the Liberals to restrain from voting.

Chuck Schumer, a democrat Senator, voiced the concerns on the Senate floor.

“Some of the pages were completely crossed off and text had been replaced by handwritten notes.”

Some of those amendments range from opening part of the Arctic National Wildlife Refuge to drilling to sparing cruise lines from paying higher taxes.

The Tax Cuts and Jobs Act applies a permanent tax cut to Corporations, dropping the percentage from 35% to 20%. While individuals and families also benefit from the tax cut, the current Senate version only allows for the tax break to be temporary. The House version does include a permanent version of the break for families.

The President applauded the success of the motion in a statement posted by the Press Secretary of the White House.

Statement from the Press Secretary on the Tax Cuts and Jobs Act

President Donald J. Trump applauds the Senate for passing the Tax Cuts and Jobs Act.  The Senators who voted for these historic tax cuts did a great service to their constituents as they supported putting America first, growing the economy, and rebuilding our great country.  The policies in this bill will cut taxes for hardworking families and put our economy on a path of sustainable economic prosperity and job creation.  We have a once-in-a-lifetime opportunity to reclaim America’s great destiny. The Administration looks forward to working with Congress to fulfill the promise we made to deliver historic tax cuts for the American people by the end of the year.

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