[HOT] – Senate Passes Sweeping Republican Tax Overhaul Bill
WASHINGTON – The Senate passed the most radical rewriting of taxes on Saturday morning. to approve a review that will affect almost every corner of the US economy, affecting families, small business owners and multinational corporations, with the greatest benefits for the wealthiest Americans.
Senators voted 51-49, as Republicans approved the bill by nearly 500 pages early in the morning after lawmakers received a rewritten version, which contained significant changes to the bill original who spent two panels last month along the party lines. The last-minute revisions sparked an outcry from Democrats, who said it was impossible – and irresponsible – for lawmakers to read and digest much of the legislation in such a short time.
Prior to the vote, Senator Chuck Schumer, New York Democrat and Minority Leader, described the Republican approach as "a process and product that no one can be proud of and that everyone should be ashamed "
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He then warned that the changes to the bill "under the cover of darkness" would bring even more money into the pockets of the rich and larger corporations while raising taxes for millions of people in the classroom.
Many changes resulted from a series of last-minute agreements reached to convince a handful of Republican Senators, including Susan Collins of Maine and Ron Johnson of Wisconsin, to support legislation. Senator Bob Corker of Tennessee voted against the law.
Early Saturday morning, Mr. Pence presented a deciding vote to pass an amendment proposed by Senator Ted Cruz, Republican of Texas, would allow people to use up to $ 10,000 per year of 529 tax-efficient savings accounts to finance tuition fees in K-12 private and religious schools or some education expenses for home-schooled students. At present, these accounts can only be used to pay for higher education
The approval of the bill, as a result of the adoption by the House of its own law last month, is the first significant legislative victory of the Republican Party. since he's taken control of the House, the Senate and the White House in 2017. The flawless trajectory of the law and the ability to overcome – or ignore – the objections that have hindered previous attempts to recast the tax code »
Mitch McConnell, Senate majority leader and Kentucky Republican, described the victory as" a great day for the country. "
Ryan, Republican of Wisconsin, said in a statement that with the approval of the Senate "we will move quickly to a conference committee so that we can have a final bill at the President Trump's office. "
He introduced the bill as a tax break for the middle class and the review aims to immediately reduce taxes for about 70% of middle-class families. But this would raise them on millions of others, since the Senate 's plan eliminates certain tax exemptions such as the deduction of local and local taxes and phased out individual tax cuts by the end of 2025.
Companies get a lot better, with the corporate tax rate reduced from 35% to 20% and made permanent. It also offers significant tax relief to owners of small businesses and other businesses that are not organized into traditional corporations, a provision that has been softened in a last minute deal to get two hesitant senators to join them.
is opposed to the tax bill as a block, saying that it was meant to help the rich and not the middle class. With the splitting of the Senate from 52 to 48, the Republicans had barely votes to lose. But the passage of the bill was made possible by the almost complete adoption by Republicans of the idea that about $ 1.5 trillion in tax cuts will be profitable, generating sufficient economic growth and additional federal revenues to offset their costs to the Treasury.
This belief has been contradicted by several studies, including that of an official Congressional accountant, whom Republicans have described as too pessimistic
. McConnell dismissed all the deficit concerns. "I am totally confident that this bill is revenue neutral," he said. "I think it's going to be a revenue producer .."
The House and Senate are now going to work quickly to resolve the differences between their bills and deliver a plan to President Trump's office, along with the bill. Christmas Delivery Objective
Congressional leaders ran the bill in the House and Senate in a month, with a crush of changes coming in at the 11th hour while leaders of the Senate worked to answer the concerns of some legislators. . Several changes were included to satisfy Ms. Collins, including a provision that will allow taxpayers to deduct up to $ 10,000 from provincial and local property taxes paid and allow low-income people to claim the deduction. for medical expenses
. Late in the afternoon, Ms. Collins announced her support for the bill, citing these changes as well as the promise of Mr. McConnell that he would support two bipartisan bills intended to stabilize the markets of Canada. 39, individual insurance under the Affordable Care Act. Ms. Collins said she was concerned about a provision in the bill to repeal the bill's mandate that most Americans have insurance or a penalty.
Legislators have also included more generous tax relief for companies organized as relay entities. , a provision necessary to obtain the support of Mr. Johnson and Senator Steve Daines of Montana.
And, in order to rally Senator Jeff Flake from Arizona, leaders agreed to provide "fair and permanent" services. "Protections" for recipients of an Obama-era effort that protects undocumented youth from deportation, known as deferred action for child arrivals, or DACA , said Mr. Flake
To date we will have a bill – but I'm confident, "said Mr. Flake." I've always been convinced on DACA that the instincts of the President are better than the advice that he gets. "
Mr. Flake, a virulent critic of Mr. Trump, said that he had spoken with Vice President Mike Pence about "We had a long conversation last night and today, and he's committed to starting working with me on this," said Mr. Flake
Flake also claimed to have made changes to a provision, which expires after five years, to allow companies to immediately deduct from new investment spending, which he called a "gadget".
The bill would also open the Arctic National Wildlife Refuge in Alaska for oil and gas drilling, putting environmentalists on the brink of defeat in what was a battle several decades. The opening of the Wildlife Refuge to energy exploration has been a goal of Senator Lisa Murkowski, Republican of Alaska
Several of the changes, including the lightening of the Property tax and the additional deduction for relay companies, have added several hundred billion dollars to the cost of the bill. To compensate for this, party leaders have reduced some planned tax cuts and increased a new tax on assets held abroad by multinational US corporations.
More specifically, they decided to maintain the minimum tax of the alternative minimum tax for high income people. Originally, the bill would have completely eliminated these two taxes
None of these changes was likely to improve the tax cost of the bill – in defiance of the concerns raised by several senators about future deficits.
The most concerned about the deficit was Mr. Corker, whose fears over the effect of the federal budget deficit bill created last-minute complications for Republican leaders on Thursday when he was not the only one. he asked for changes to the bill.
Mr. Corker had pushed to reduce tax cuts after a report of the Joint Committee on Congress Taxation that projected the bill would add $ 1 trillion to deficits over a decade even after holding account of economic growth. Corker had pissed off his colleagues and had played too much with his hand as a result of this analysis. Mr Corker was alarmed by the projections. But many of his colleagues greeted them with suspicion, because they were expecting tax cuts to generate more robust economic growth than forecasters' forecasts and because they were were scorched by unflattering analyzes of their health proposals published this year by the Congressional Budget Office. ]
The joint committee sprinted to complete its analysis of the Senate bill before the vote, failing to complete one of the House versions before being passed two weeks after its introduction . Yet Republicans wondered why the analysis came on Thursday, the day the Senate was originally supposed to vote, an executive assistant said Friday.
The timing and scoring of the analysis raised a lot of suspicion, the aid says:
Mr. Corker pointed to the analysis to push to the reduction of some of the tax cuts after several years, to reduce the cost of the bill, but many of his colleagues revolted on this idea. Republican leaders decided late Thursday to abandon their efforts to appease Corker and soften their offer to Mr. Daines and Mr. Johnson, proposing to allow transmission owners to deduct 23% of their incomes, against 17.4% in The original bill
Previously, the leaders had offered a deduction of 20 percent. "After weeks of fighting for Main Street businesses, including Montana farmers and ranchers, I decided to support the Senate tax reduction bill, which provides for taxes. ", said Mr. Daines in a statement released on Friday morning
Johnson followed with his own promise of support
" I wanted more, "he said," but I am a reasonable human being. "
Johnson helped scare Republican leaders on Thursday, as he, Corker and Flake held back their votes as Republicans tried to kill a Democratic motion for relegating the bill to a Senate panel.
"Senator Corker called me and said," Why should not we vote for this one? ", recalled Mr. Johnson Friday.
"There is always parliamentary maneuvering, is not it?" "So we did not vote."
In recounting how the vote went on, Mr. Johnson said, "I just wanted to spend my time." Finally, he said, a Republican colleague, Rob Portman from Ohio, came to see what could be done.
The agreement to soften tax relief for pass-through businesses met later that night, as Mr. Johnson, Mr. Daines and Senator Lindsey Graham of South Carolina met with Senator John Cornyn of Texas, Republican No. 2 of the Senate, in his Capitol office to plead a case with Senate leaders
"There are many competing interests", said Mr. Johnson.
"I guess they put together this Rubik's Cube.
While Ms. Collins remained undecided on the bill over the past week, Republican leaders were confident. they would bring him aboard. She made her requests early in the process, and she actively negotiated with the leaders until the day of the vote.
Democrats warned Friday that Republicans were committing a political mistake with a bill that would raise taxes on some.
"It will be a dramatic turning point in a downward spiral for Republicans," said Schumer.
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