News

Republican-backed Tax Bill Narrowly Passes In The Senate 51-49 With More Tax Code In Favor Of Corporations

In the wake of the night the Senate narrowly passed the tax reform bill giving them the victory they needed to move forward considering they haven’t been able to make much headway with other pieces of legislation.  What this tax reform means for the middle class workers could be devastating as the bill is mostly corporation heavy with the tax benefits and less beneficial for the middle class.

According to independent analysis reports many middle class workers will see tax increases over time and fewer options for deductions.  Basically the rich keep getting richer and the middle class gets the middle finger!!!

Read more as reported by NBC:

Photo Credit: Chip Somodevilla/Getty Images

The Senate passed a sweeping and contentious overhaul of the tax code early Saturday morning, moving one step closer to sending the bill to President Donald Trump’s desk for his signature.

The bill passed 51-49 along party lines with just one Republican, Sen. Bob Corker, voting against it. The passage gives Senate Republicans a much-needed victory in a year where they’ve been unable to deliver on any other major piece of legislation.

The Senate bill must now be reconciled with the House version so that the same is bill passed out of both chambers

Senate Republicans secured enough votes Friday after fits-and-starts by accommodating the demands of a handful of members with concern about the bill.

A series of last-minute changes were made to the bill, including a $10,000 property tax deduction to appease the concerns of Sen. Susan Collins of Maine.

After its middle-of-the-night passage just before 2 a.m., Majority Leader Mitch McConnell pushed back at claims that lawmakers didn’t have enough time to look at the legislation.

“Democrats had plenty of notice,” said the senior senator from Kentucky. “Everybody had plenty of opportunity to see the measure, you complain about process when your’e losing, and that’s what you heard on the floor tonight.”

He said he expects the bill to be a “revenue producer bill that’s going to get America moving again.”

McConnell announced Friday that Republicans have the votes to pass the GOP tax bill, after one holdout, Sen. Jeff Flake, said he will support the measure.

“We have the votes,” the Kentucky Republican told reporters on the Senate floor shortly before noon, adding that a final vote on the plan would take place some time on Friday.

Moments later, Flake, an Arizona Republican who is not running for re-election next year, issued a statement saying that the bill, which had been revised numerous times, now met his “objectives.”

The Senate voted, 52-48, to strike an amendment by Sen. Pat Toomey, R-Pa., from the bill that would have carved-out a tax break for a small college in Michigan called Hillsdale College that is supported by top Republican donors, including Education Secretary Betsy DeVos and conservative political group Club for Growth leader Chris Chocola.

The White House has been pushing hard to accomplish a tax overhaul before Christmas in order to give the president a much-needed first year win after a number of failed attempts to repeal and replace Obamacare. The tax bill also repeals the individual mandate, a key part of the health care law, as well as the tax credits that help low-income Americans pay for insurance.

“The Bill is getting better and better. This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!” Trump tweeted Friday morning.

Trump and GOP lawmakers have repeatedly touted the bill as a boon for the middle class, despite several independent analyses that found it’s skewed toward corporations and the wealthy. Two-thirds of middle-class earners would see tax increases, according to the nonpartisan Tax Policy Center.

Source: NBC

Click to comment

Leave a Reply

Most Popular

To Top