The U.S. Senate has passed a sweeping tax reform bill, albeit by a small margin and along party lines.
According to Townhall.com, the new bill will cut taxes for more than 80 percent of Americans and will raise taxes on a small percentage of those in top income brackets.
The House already approved the tax bill, so its passing in the Senate in a 51-48 vote is a major victory for Republicans and for President Trump.
Every Republican senator besides John McCain (R-AZ), who is currently battling cancer, voted yes on the bill, while every Democrat voted no.
President Trump’s administration has been trying for some months to get a major piece of legislation passed, and it looks as though in the new tax bill Republicans may have what they have been hoping for.
The bill not only legislates reforms to the tax code, it also repeals the individual mandate tax, which was an unpopular part of Obamacare that required all Americans to have health insurance or pay a penalty.
The bill also paves the way for oil drilling in parts of Alaska.
The tax reform legislation has been welcomed as a victory not only for Republicans, but for the middle class.
The Wall Street Journal was generous in its praise of the bill:
“The Tax Cuts and Jobs Act, which the House passed Tuesday, represents the biggest advancement for growth and opportunity in recent memory. It provides real relief to middle-income families and realizes policy goals conservatives have sought for decades.”
The Journal went on to say that taxpayers will see the tax breaks in the near future, as soon as February 2018.
The bill now returns to the House for final approval.
Photo: A Christmas tree shines in front the U.S. Capitol on December 20, 2017 in Washington, DC. Yesterday the Senate passed President Trump's tax reform bill and today it will return to the House of Representatives for final approval.
Photo courtesy: Mark Wilson/Getty Images
Publication date: December 20, 2017