House Republicans Pass Tax Bill In Major Victory For The GOP
By: Kayla Pasacreta
Republicans are headed toward a major year-end victory with the passage of their tax overhaul. The House passed the bill in a vote of 224-201, while the Senate passed the bill with a vote of 51-48. Speaker of the House Public Ryan says the bill will benefit the American people, "This is about expanding opportunity to people who are striving to make the most of their lives,”Republicans insist the $1.4 trillion tax cuts will reignite economic growth, but critics argue the bill is just a massive gift to corporations and the top 1%.
The bill will cut corporate tax cuts from 35% to 21% and also provide individual tax cuts that will end in 2025, which is expected to leave the middle class with more to pay in taxes. The bill is also expected to bring massive debt, adding $1 trillion to the nation's debt over the next decade. This tax overhaul is the biggest tax legislation the GOP has brought to the Hill since 1986. House Minority Leader Nancy Pelosi (D-CA) called the bill a representation of "unrepentant greed." Senate Majority Leader Chuck Schumer (D-NY) also shared his opposition for the bill, "It so blows a hole in our deficit, it so threatens Social Security, Medicare and Medicaid. They will rue the day."
The bill will also take away the Obamacare penalty for citizens without insurance, which, according to NBC News, "The Congressional Budget Office estimates that change would lead 13 million more Americans to go without coverage after a decade and cause premiums on the individual market to rise 10 percent per year."
The Senate voted on, and passed, the final version of the tax bill last night.. Since the party had garnered the last-minute votes of previously critical opponents of the bill like Susan Collins (R-ME) and Bob Corker (R-TN), they were able to secure a unified victory. Donald Trump is expected to sign the bill into law by Christmas. Trump says, "It will be an incredible Christmas gift for hardworking Americans.”