GOP tax-overhaul bill passes Senate, 51-49

WASHINGTON  Republicans pushed a nearly $1.5 trillion tax bill through the Senate early Saturday, Dec. 2 after a burst of eleventh-hour horse trading, as a party starved all year for a major legislative triumph took a giant step toward giving President Donald Trump one of his top priorities by Christmas.
“Big bills are rarely popular. You remember how unpopular ‘Obamacare’ was when it passed?” Senate Majority Leader Mitch McConnell, R-Ky., said in an interview, shrugging off polls showing scant public enthusiasm for the measure. He said the legislation would prove to be “just what the country needs to get growing again.”
Senate approval came on a 51-49 roll call with Sen. Bob Corker, R-Tenn., the only lawmaker to cross party lines. The measure focuses its tax reductions on businesses and higher-earning individuals, gives more modest breaks to others and offers the boldest rewrite of the nation’s tax system since 1986.
Republicans touted the package as one that would benefit people of all incomes and ignite the economy. Even an official projection of a $1 trillion, 10-year flood of deeper budget deficits couldn’t dissuade GOP senators from rallying behind the bill.
“Obviously I’m kind of a dinosaur on the fiscal issues,” said Corker, who battled to keep the bill from worsening the government’s accumulated $20 trillion in IOUs.
The Republican-led House approved a similar bill last month in what has been a stunningly swift trip through Congress for complex legislation that impacts the breadth of American society. The two chambers will now try crafting a final compromise to send Trump.
After spending the year’s first nine months futilely trying to repeal President Barack Obama’s health care law, GOP leaders were determined to move the measure rapidly before opposition Democrats and lobbying groups could blow it up. The party views passage as crucial to retaining its House and Senate majorities in next year’s elections.
Democrats derided the bill as a GOP gift to its wealthy and business backers at the expense of lower-earning people. They contrasted the bill’s permanent reduction in corporate income tax rates from 35 percent to 20 percent to smaller individual tax breaks that would end in 2026.
Congress’ nonpartisan Joint Committee on Taxation has said the bill’s reductions for many families would be modest and said by 2027, families earning under $75,000 would on average face higher, not lower, taxes.
Source: Oc Register