Recent publications
Home » Breaking News » Final reform: U.S. Senate passed the biggest in history Tax Cut and Reform Bill

Final reform: U.S. Senate passed the biggest in history Tax Cut and Reform Bill

Sarah GillmorDec 20, 20174 5901 vote +1 rating

Senate Republicans passed their sweeping tax bill just after midnight on Wednesday, putting the GOP and President Donald Trump a hair’s breadth away from a signature legislative victory that has been missing from their first year in control of the federal government, as the “Business Insider” reports.

Biggest in history Tax Cut and Reform BillThe bill passed by a 51-48 vote, with no senator crossing party lines. Sen. John McCain was not present for the vote while he recovers in Arizona from complications of treatment for brain cancer.

The Senate passed Republicans’ tax bill, the Tax Cuts and Jobs Act, just after midnight on Wednesday.

The vote puts the bill on the edge of success, with only a technical vote in the House needed before it can be sent to President Donald Trump’s desk.

The bill is set to make sweeping changes to the tax code for both businesses and households.

The passing of the Tax Cuts and Jobs Act in the Senate leaves a technical vote in House as the last remaining obstacle before the bill can be sent to Trump’s desk. “After eight straight years of slow growth, America is ready to take off,” Majority Leader Mitch McConnell said in a press conference after the vote. President Donald Trump also cheered the bill’s passage, and he laid out the timeline for a celebration on Wednesday.

Social networks reader’s comment:

The Senate drops the mic and goes home! Liberals, the American People have chosen jobs, wealth and dignity! Not your welfare, food stamps and shame. It’s so good to watch the democrat party writhing as it dies a slow and painful death. Winning Winning Winning... The Obama horror years are OVER!

What is the Dem platform for 2018? The economy is doing great, ISIS is pretty much defeated, your taxes are lower, and the southern border is secure. But vote for me anyway, I voted no to Trumps agenda! Good luck with that.

“The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed,” Trump tweeted. “Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.”

Senate rules forced three minor provisions to be stripped from the bill after it passed the House on Tuesday. The House will now need to vote on the revised version of the bill.

Since the bill passed the House by a comfortable margin, the vote on Wednesday is considered a formality. The bill is set to make sweeping changes to the tax code for businesses and, on average, American taxpayers.

Social networks reader’s comment:

Sorry Democrats, this will NOT be an Obamacare replay. Obamacare was passed on a partisan vote but it was terrible. Tax reform was also passed on a partisan vote but it will stimulate the economy and will become more popular with each passing day. Democrats seem to be better at messaging, but Republicans are better at substance. In the end, substance matters most.

Here’s a rundown of some of the big changes that are reportedly in the agreement:

  • A less generous corporate rate cut. Republicans may cut the corporate rate to 21% from the current 35%, starting in 2018. The House and Senate versions had proposed a 20% rate. Despite making a 20% corporate rate his “red line” for a tax bill, Trump said at a meeting with the GOP leaders of the tax committees that he would sign a bill with a 21% rate.
  • A lower top individual tax rate. The top individual bracket would drop to 37% from the current 39.6%. The Senate version had proposed a 38.5% rate.
  • Keep the estate tax, but raise the threshold to qualify. Instead of phasing out the estate tax over time, as the House version proposes, the compromise bill would increase the threshold for an estate to qualify, to about $11 million from $5.6 million. That aligns with the Senate version.
  • A 20% deduction for pass-through businesses. Pass-through businesses – in which the owner books profits as their income, like a limited liability corporation or S-corp – would get a 20% deduction on their income. This is more similar to the Senate version but less generous than its proposed 23% deduction.
  • Repeal the corporate alternative minimum tax. The corporate AMT in the Senate version was a sore spot for many companies because it would have negated the effects of many popular deductions and credits, such as the research and development credit.
  • Adjust the cap for the mortgage interest deduction. The cap would be lowered to $750.000 from the current $1 million. This is higher than the $500.000 cap proposed in the House version. The Senate version would have left the deduction unchanged.
  • Does not include the House’s “graduate student tax.” The House bill would have taxed tuition waivers for graduate students like normal income, which critics said could have crippled many universities’ graduate programs. Even some House Republicans came out against the provision. The Senate version did not include it, and the compromise bill will not either.
  • Compromise on the state and local tax deduction. The bill would allow people to deduct up to $10.000 in state and local property taxes or the same amount of income and sales taxes – a nod toward appeasing House members in states with high taxes.
  • Repeals Obamacare’s so-called individual mandate. This proposal – to eliminate the requirement that most Americans have health insurance or pay a fine – was in the Senate’s version of the bill. Given the GOP’s longtime desire to repeal and replace Obamacare, officially the Affordable Care Act, House Republicans are likely to support this.
  • Keeps a slew of popular tax breaks. According to The Wall Street Journal, the bill would preserve deductions for medical expenses and student loan interest, as well as tax-free private-activity bonds used by local governments to build things like hospitals.

On the business side, the biggest change is the lowering of the federal corporate tax rate to 21% from 35%. A series of new rules would make it easier to deduct new investments and cheaper to bring back assets held overseas and would carve out exemptions for individual industries like craft brewers.

Social networks reader’s comment:

I am a pizza guy that makes 25k annual. My wife works in an afterschool care center and makes 15k anual. Combined we are a 40k family or lower middle class. This tax plan will rid me of the tax for not having insurance part of the year. +$800.00. It reduces my taxes by a few percent which over time adds up. And finally we receive an extra $1000.00 for our Son. We don’t have many deductions aside from buying a truck so for average people like us this is a God sent. Much Appreciation to the Hot Mess Called the Republican Party in Congress! Y’all finally got something right!

On the individual side, the bill would keep the same number of tax brackets but lower the rates on different income levels. According to analyses, this would result in the bulk of Americans – roughly 80% – getting a tax cut next year, while a handful of people would see their taxes increase.

But unlike the corporate tax cuts, the individual tax cuts would expire after 2025. Republicans say a future Congress will extend these cuts, but given the level of disagreement in Washington, critics argue that is not guaranteed.

Overall, the bill is expected to provide a modest boost to the US economy but less than grandiose promises from Republican leaders.

Social networks reader’s comment:

When you receive more money in your paycheck that doesn’t need to be paid back... everyone is receiving a tax break! Remember that at election time, not one DEMOCRAT voted for this bill. Democrats are all for themselves and not for the American people.

The new economic growth is expected to fuel more tax revenue. But all independent analyses have estimated that the final version of the bill will add $448 billion to over $1 trillion to the federal deficit over 10 years, rejecting GOP claims that the legislation would pay for itself.

Members of each party quickly put their spin on the bill’s passage.

Republicans used the opportunity to tout what they say will be the positive effects for average people and the US economy.

Social networks reader’s comment:

What bothers me, as a Republican, is that the Dems. are ALWAYS saying that so-and-so is gonna be for the rich. They don’t understand that a good majority of rich folks own corporations. Less taxes on them means more money they can use to invest in more jobs and other good things. It’s only “controversial” because the MSM will never accurately report any Republican success. That’s okay, the American people will find out for themselves soon enough.

“For years, Republicans and Democrats alike have called for middle-class tax cuts and a more competitive tax code for American workers and businesses, and today Republicans are delivering on that promise,” GOP Sen. Rob Portman of Ohio said in a statement. “This bill will cut taxes for middle-class families, reform our business tax code to create more jobs and higher wages for Ohio workers, and update our international tax code to encourage jobs and investments in America.”

Social networks reader’s comment:

This President will reside over the greatest economic expansion this country has ever experienced. It’s not complicated... we elected a business professional instead of a lying politician that hasn’t a clue. Glorious!

On the opposing side, Democrats decried the bill as a handout to the rich and large corporations.

“This bill will exacerbate inequality, not ameliorate it,” Democratic Sen. Cory Booker said in a statement. “It’s irresponsible, reckless, unjust, and just plain cruel – and for these reasons and more, today is one of my most disappointing days as a US senator. I look forward to the day – and it will come – that we reverse this devastating piece of legislation and bring real tax reform that truly helps working families and small businesses across the country.”

Social networks reader’s comment:

God! We hate these republicans. Who do they think they are? The stock market is tanking, unemployment is at an all time high while job growth is stagnant. Has anyone noticed how many businesses are fleeing the US? Now this, the final blow, cutting taxes is the craziest thing yet. We should all be grateful the democrats have been able to keep them high for so long. Now these clowns are ruining everything. For the liberals who believe the outright lies of their party you may want to go to the tax calculator (non-partisan) and see how the bill will actually affect you – then you will see the truth!

0comments Add comment
Write a review
Your comment will be first!
To add a comment to this publication, you need to register or Log In.

Read related articles

Breaking News
4 760 3
Retail renaissance: Big Shopping Trends in 2018 - the signs are promising

2017 was the year of the retail apocalypse. Tech transformation. Retail is a people business. Predictions: pot, politics and Bitcoin. New business models will emerge.

Devices / Gadgets
4 495 3
Shopping: iPhone X, Pixel 2 or Galaxy S8 - how each phone differs from one another

iOS or Android? If you’re shopping for a new smartphone, there’s a good chance three options come to mind: Apple iPhone X, Samsung Galaxy S8, Google Pixel 2.

Devices / Gadgets
4 703 4
Best cutting-edge products: the 10 most popular Gadgets of 2017

Technology companies like Microsoft, Samsung, Apple are constantly finding new ways to improve their cutting-edge products. There are several big changes in 2017.

Medicine / Health
1 176 5
Social media as a tool of mass impact: just remember 2016 US presidential election

Social media marketing and sales. How banks monitor customer social networks. Social networks have become platforms for spreading disinformation, fake news and targeted...

Breaking News
3 660 2
9 things about historic Tax Reform - Trump’s first big legislative win

A massive package of corporate and individual tax cuts, the repeal of the individual mandate and opening the Arctic National wildlife refuge for oil exploration.

Breaking News
3 849 3
Finance in 2018: tax cut, higher tax bill, nothing major is changing for Medicare

Inflation adjustments, you may have a tax cut, much higher tax bill. There is a lot about health care that could change next year. Social Security payments will increase.

Breaking News
4 144 3
Welfare reform: 6 million open jobs - the challenge is to get people back to work

Opinion: why the American welfare state is unsustainable? Nationwide spending on the program is $70 billion annually, 20% of which is wasted on junk food and sugary...

Devices / Gadgets
1 200 5 12
What’s new in Apple iOS 13: major updates to the apps, Dark Mode, all-new Photos tab

Apple officially released iOS 13, the update will be available to all users gradually. iOS 13 is compatible with iPhone SE, iPhone 6s and later, seventh generation iPod...

With “Final reform: U.S. Senate passed the biggest in history Tax Cut and Reform Bill” also read
Devices / Gadgets 13 Cool Tech Gifts you must have and don’t have to spend a fortune on them
3 921 4
We have some real deals for less than $50. If you’re a generous type and have a big family or lot of friends, the holidays can be a financially taxing time.
Devices / Gadgets Review: Redmi Note 8 Pro - 6.5” screen, 6 GB of RAM and 4 cameras. The best smartphone in the segment?
1 555 2 6
The budget brand Redmi makes inexpensive hit phones at a bullet speed. The new Redmi Note 8 Pro will win the thrifty users who want everything, immediately and cheap. Read more in our extended review.
Devices / Gadgets Apple admits: iPhone 6 started running slowly, and the battery drained quickly
3 769 3
What did Apple say about this? What happens to iPhone batteries when they get older? Is this the first time Apple has tweaked its software to boost battery life?
Breaking News “Star Wars” recovering? “The Last Jedi” has earned around $570m around the world
4 561 1
93% “fresh” and 8.1/10 critic ranking on Rotten Tomatoes. 86% score on Metacritic and a 7.9/10 user rating on IMDb. Film received an A (Cinemascore) and a 90 (comScore).
Devices / Gadgets Extended review: iPhone 11 Pro really looks like the next generation of the device
1 329 2 12
iPhone 11 Pro replaces iPhone XS. And it really looks like the next generation of the device: a new display, body, camera, noticeable improvement in energy efficiency and fast charging in the kit.
Devices / Gadgets Tips: How to Improve your iPhone Battery Life and Performance
4 037 5
The revelation would appear to lend weight to a popular conspiracy, though the tech giant says it throttles performance on the mobile phones as a precautionary measure.
Breaking News Want a revolution? T-Mobile and Layer3 launch a disruptive new TV service in 2018
4 418 4
T-Mobile US president and CEO John Legere unveiled the next phase in the Un-carrier’s mobile video strategy, and will work with Layer3 TV’s leading technology.
Benefits for your publications on our website
In the air: recent comments
2019-10-30, 3:02PM
I never wrote reviews, but now I really wanted to do it. I bought these headphones, I really like it so far. Noise reduction is really good, compared to the previous model, the sound is completely...Apple announces new AirPods Pro best-selling headphones with Active Noise Cancellation
2019-10-30, 2:39PM
The biggest drawback that I found for myself in the AirPods is the lack of multi-connection. The $160 headphone does not have the multiconnect that even Chinese QCY ($15) has. First, they connect to...Apple announces new AirPods Pro best-selling headphones with Active Noise Cancellation
2019-10-20, 7:22AM
The Google Pixel 4 facial recognition works even if you're asleep / dead. That seems problematic! The feature was reported by BBC News - their reporter Chris Fox clearly demonstrated blind...New Google Pixel 4 and Pixel 4 XL: it’s time to find out about the smartphones’ cost
2019-10-16, 12:22PM
Although I love the new design, hardware and features on the Apple Watch series 5... but since you keep saying there is no watch that comes even closer, I wanted to check on a few things. I have the...Innovative Apple Watch Series 5: new ultra-low-power LTPO display, Compass, Always On feature
2019-10-16, 11:41AM
Super pleased with my Apple Watch 4, but I will say it's very much directed towards fitness. I think we often forget that when smart watches first came out, there wasn't a general consensus...Innovative Apple Watch Series 5: new ultra-low-power LTPO display, Compass, Always On feature
2019-10-16, 11:37AM
Great review, I too have had many fitness watches over the years but once Watch was released that's all I have had everyday since Series 1. To putt it that's the only one I haven't...Innovative Apple Watch Series 5: new ultra-low-power LTPO display, Compass, Always On feature
Top comments
2019-09-24, 1:02PM
It is clear that if something is not in the iPhone, then this is not necessary, because Apple employees have already thought and decided for us. Of course, if tomorrow in iOS a full-screen incoming...These technologies and competitor features are still not available on the iPhone
2019-10-9, 7:30AM
If the number of "exotic features" on high-end phones guaranteed sales supremacy, Samsung would long ago have triumphed over Apple. Why in the world would stupid Korean consumers pay for...Extended review: iPhone 11 Pro really looks like the next generation of the device
2019-10-10, 6:40AM
Google has designed a 5G smartphone that will be released before Apple does. Google hopes to capture the smartphone market, or rather, its segment, which is now significantly influenced by Apple....New Google Pixel 4 and Pixel 4 XL: it’s time to find out about the smartphones’ cost
2019-10-8, 11:14AM
On the end of every Sony review, there is some kind of "this is a great phone to get, but there is Samsung...". Who cares if sammy phones are cheaper? Xperia lasts longer and it is better...Sony Xperia 5 review: compact version of Xperia 1, OLED HDR display and triple camera
2019-09-26, 10:50AM
For some reason, I didn't notice my friend updating most of the built-in applications when he had a Samsung Galaxy Note, services like Google Keep and Google Photo are updated, which on the...What’s new in Apple iOS 13: major updates to the apps, Dark Mode, all-new Photos tab
2019-10-3, 7:36AM
I would have gave it a pass if it had a non-foldable display. Seriously the tech behind these non-foldable displays is so bad and it has too many issues/breaking points. And tbh what would be the...Microsoft introduced the Surface Neo dual-screen device with a new Windows 10X
Most commented publications
Top publications
The most read of the month
Popular news topics
5G Android Apple beds device finance gadget gadgets Google Pixel 4 iPhone iPhone 11 iPhone 11 review mobile opinion politics reforms retail security shopping smart speaker smartphone tax reform taxes tech news technology