The final version of the $1.5 trillion Republican tax bill heads to the floors of the Senate and House today. The vote is expected to pass today and head to President Trump’s desk early Wednesday.
President Trump took to twitter to express his predictions that the economy will continue to grow post tax bill. “Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size,” Trump tweeted. “Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy, and create many beautiful JOBS!”
The tax bill would mark the first major legislative win of Trump’s presidency. “It’s a huge deal, but not just for the White House. It’s a huge deal for America,” White House Press Secretary Sarah Sanders said. “The fact that we have been pushing this tax cut package, this tax reform package – you’re really seeing that reflecting in our economy — our booming economy. Optimism is up,” Sanders said.
As of yesterday, the bill has enough Republicans in favor of the vote, and it is expected to pass. This is the first major overhaul of the American tax code since 1986. The bill significantly lowers the corporate tax from 35% to 21%, encouraging growth in America.
The legislation also repeals a paramount part of ObamaCare, removing the requirement that all Americans have health insurance, or face a penalty.
Sanders noted that “more money for Americans in their pockets” should not be something Democrats “need to be begged to be a part of.”
The final bill is a combination of elements from both the House and Senate bills that were recently passed.