In a landmark accomplishment on Saturday, the U.S. Senate did what had to be gone by approving a sweeping tax overhaul which repeals the requirement that all Americans obtain health insurance.
This achievement brings President Donald Trump and the Republicans closer to their goal of eliminating taxes on businesses, families, and corporations with a bag of goodies for everyday citizens – not just the elite class, as speculated by Democrats.
Republicans pushed hard on the tax bill to record what they called a “major legislative triumph” for the party in a period of one year. It also comes as one of the party’s top priorities for Christmas, the biggest change to America’s tax laws since the 1980s.
Business analysts believe there is so much to gain with the new bill; Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes which they said, have great chances of boosting the already booming economy.
Mr. President took to social media for an early-morning tweet which read, “We are one step closer to delivering MASSIVE tax cuts for working families across America.”
Senate GOP passes massive changes to tax code, scoring major victory for Trump and party leaders https://t.co/73KQzADQkU
— The Washington Post (@washingtonpost) December 2, 2017
Senate Majority Leader Mitch McConnell, R-Ky., told reporters in an interview that “big bills are rarely popular.”
He continued, “You remember how unpopular ‘Obamacare’ was when it passed?”
Mitch ignored polls which showed lack of interest from the general public, saying the legislation would turn out a success and prove to be “exactly what the country needs to get growing again.”
There has been a remarkable increase in the U.S. stock markets in recent months since hopes were aroused that Trump’s government would offer significant tax cuts for corporations.
Republican leaders celebrated the achievement with huge expectations that several U.S. companies will be encouraged to invest more and boost economic growth.
Mitch, who serves as the Republican leader in Senate, added in his statement, “We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief to the middle class.”
Senate earned an approval on a 51-49 roll call.
Sen. Bob Corker, R-Tenn., the only lawmaker to cross party lines, swayed with Democrats complaining that last-minute amendments to win over skeptical Republicans were poorly drafted and vulnerable to later exploitation by lawyers and accountants in the tax avoidance industry.
The major tax reductions on businesses and higher-earning individuals, offers Americans the boldest rewrite of the nation’s tax system since 1986.
Chuck Schumer, the Senate Democratic leader, said in a statement that “the Republicans have managed to take a bad bill and make it worse.”
Chuck added that “under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations.”
No Democrats voted in favor of the new bill, but they were unable to block it because Republicans held a 52-48 Senate majority.
Corker, who played prominent roles to keep the bill from worsening the government’s accumulated $20 trillion in IOUs said, “Obviously I’m kind of a dinosaur on the fiscal issues.”
According to a report from Reuters, Congress’ nonpartisan Joint Committee on Taxation said the bill’s reductions for many families would be modest and added that in 2027, families earning under $75,000 would on average face higher, not lower, taxes.
Talks between the Senate and the House of Representatives will begin next week. The Reps have already approved its own tax bill.
Senate Minority Leader Chuck Schumer added that the bill is “removed from the reality of what the American people need.”
Mr. Trump is clamoring for the legislative process to be completed before the year runs out in order to record, together with the Republicans, what they call a major legislative achievement for 2017.
The ruling party is yet to achieve anything bigger than the 1.3T Tax Bill despite controlling the White House, the Senate and the House since he took office in January.
Republicans were disappointed with their previous efforts to repeal the Obamacare healthcare law over the summer and Trump’s presidency has been hit by White House in-fighting, worsened particularly by a federal investigation into Russia’s possible meddling with last year’s presidential election results.
This major legislative achievement will play a significant role for Mr. President and Republicans by increasing their chances at mid-term elections in November 2018, when they will have to defend their majorities in Congress.