20 December, 2017
"Hard-working families see right through the brazen con job that Republicans are trying to sell them", said House Minority Leader Nancy Pelosi said in a speech ahead of the vote. The Senate is expected to pass the final plan as early as Tuesday, which would send the bill to President Trump for his signature.
The biggest winners are business owners, corporate shareholders, and many workers who will see reduced tax withholding from their paychecks. This legislation provides direct and immediate tax relief for individual Americans and American families by doubling the standard deduction and doubling the child tax credit to $2,000 per child with $1,400 being refundable for working families not earning enough to pay federal income taxes.
The House revote will occur on Wednesday.
Police removed the demonstrators from the visitors' gallery and debate proceeded, with Republicans and Democrats alternating in speaking about the $1.5 trillion package. In addition, all Americans will see lower rates. Analaysts say the tax cuts will cost the US government $1.5 trillion in revenue over the next decade, The New York Times reported. Twelve Republicans joined all Democrats in voting against the bill.
Speaker Ryan was not concerned about the bill's unpopularity.
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"The tax bill will help make American businesses of all sizes more competitive, add more jobs, and increase wages", Tim Pawlenty, CEO of the Financial Services Roundtable, said in a press release.
Republicans' tax plan - which would steeply and permanently reduce taxes for corporations, while temporarily cutting taxes for many individuals - passed the House of Representatives Tuesday afternoon.
"That's just cherry-picking the numbers", Brady said.
The tax bill lowers the corporate tax rate from 35% to 21%, eliminates the penalty under the Affordable Care Act for failing to have health insurance, a narrower estate tax, and cuts the top effective marginal tax rate for S corporations to a top rate of 29.6 percent, among other measures that gives the biggest breaks to the wealthiest individuals and companies. Speaking in front of the White House, she said Democratic lawmakers should have been "banging down the door of the building behind me to be part of this process". Biggest Tax Cuts and Reform EVER passed.
GOP holdouts, Senators Susan Collins (R-Maine), Mike Lee (R-Utah), and Marco Rubio (R-Florida) announced they will vote in favor, after securing concessions from fellow lawmakers.
The tax bill also removes both student loan interest deduction and employer-provided educational assistance-two hits that disproportionately affect women, who statistically carry more educational debt.