Senate passes massive tax bill to give Donald Trump huge victory

US Congress building lit up at night

Photo via k3anan/Flickr (CC-BY)

BTW

The Senate passed a massive tax bill early Saturday morning that could remake the entire American economy, giving Donald Trump his first major legislative victory and incensing critics who called it an unfair process.

Senators passed the bill 51-49 with all Republicans but Tennessee Sen. Bob Corker voting for the bill. All Democrats voted no.

Republicans have said all along that the bill will allow for a boon for businesses, as the corporate tax cut is slashed from 35 percent to 20 percent, and that many other Americans will see a tax cut. But critics of the bill point out that individual tax cuts will disappear after 2025 and that it will only help the massively wealthy in the long run. For those who aren’t wealthy, it could eventually hurt your wallet.

It’s “just what the country needs to get growing again,” said Senate Majority Leader Mitch McConnell.

Said Democrat leader Chuck Schumer, via the BBC: “My Republican friends will ultimately pay consequences for this bill in 2018 and beyond. The Republican party will never again be the party of tax cuts for middle-class people.”

Democrats were incensed by all the last-minute changes to the bill that they then were forced to vote on only hours later and on which the Congressional Budget Office declared would add more than $1 trillion to the deficit.

Trump, though, was thrilled.

But since the House of Representatives passed its own bill, there are two options to send a bill to Trump’s desk to sign. Either the two houses of Congress will have to reconcile their differences in committee and then both sides will have to pass the new bill, or the House of Republicans could simply pass the exact same bill the Senate just did.

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