Senate Passes $1.4 Trillion Tax Cut Legislation

03 Декабря, 2017, 00:40 | Author: Julio Duncan
  • President Donald Trump   Mark Wilson  Getty Images

Senate Republicans moved closer Thursday to passing a sweeping $1.4 trillion tax-cut package that would slash rates on corporations, lower rates on many individuals and eliminate state and local tax deductibility.

Ahead of the vote, Senate Majority Leader Mitch McConnell worked throughout the week to win over skeptical Republicans by making changes to the bill. Tennessee Sen. Bob Corker, who calls the growing debt a national security threat, joined Democrats in opposing the bill. Perhaps most significantly, nearly all of the Senate bill's tax cuts for individuals expire after seven years as a budget gimmick to reduce the bill's cost. It would bring the first major overhaul of the USA tax system in three decades.

The video that accompanied the tweet showed the Montana Democrat's displeasure with the bill, which passed the Senate by a 51-49 margin in a major legislative victory for President Donald Trump. The party views passage as crucial to retaining its House and Senate majorities in next year's elections. Pass-through income would still get taxed at individual tax rates, but those business owners would have the deduction. Later, they won enough GOP support to kill a provision by Sen. They want a "trigger" mechanism that would impose automatic tax increases to provide revenue if growth fails to materialize.

Deductions for state and local income taxes, moving expenses and other items would vanish, the standard deduction - used by most Americans - would almost double to $12,000 for individuals and $24,000 for couples, and the per-child tax credit would grow. Negotiations hit a snag Thursday night after the Senate parliamentarian ruled that Corker's idea of a deficit trigger, which would undo some of the bill's deepest tax cuts if they failed to stimulate the economy, didn't comply with the chamber's rules.

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"It's like what one of my colleagues said about the CBO: the one thing you know is that they're always going to be wrong", GOP whip John Cornyn (R-TX) told reporters. "We have done it and we're ready to go", she said.

Senate Minority Leader Charles Schumer, D-N.Y., said the way the GOP bill is being "rammed" through the Senate is the reason the American people think the process is broken. Trump and other Republicans insist that the corporate tax rate must be reduced from 35 percent to 20 percent. Ron Johnson (R-Wis.) and Steve Daines (R-Mont.) secured changes in the last 24 hours to a business deduction that would cost approximately $60 billion over the next decade, according to Daines. Lawmakers will have to work out agreements on the estate tax, which the House bill repeals but the Senate bill merely reduces, and differences on provisions governing "pass-through" businesses that pay individual instead of corporate taxes. Facing unyielding Democratic opposition, Republicans could lose no more than two GOP senators and prevail with a tie-breaking vote from Vice President Mike Pence, but ended up not needing it.

"A vote to cut taxes is a vote to put America first", Trump said.

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