The largest rewrite of the nation’s tax code in the past 30 years is heading to the president’s desk. The $1.5 trillion tax bill made it through the Senate Tuesday night.
It was approved a second time by the House Wednesday after it was found to violate some procedure laws in the Senate. Either way, many Republicans are celebrating President Trump’s first major legislative victory.
President Trump and congressional Republicans held a celebration Wednesday afternoon following final approval of the GOP tax reform bill.
It’s a moment President Trump has been waiting 11 months for, and the first major tax reform in decades. The President is calling it “historic” meanwhile his critics insist it will turn out to be historically bad.
Still, Republicans say the tax bill is really a gift to the US economy.
California Representative Jackie Speier says, “So what we’re doing here today is basically saying: wealthy Americans? Big fat Christmas present for you. Tiny Tim? We’re taking your crutch away from you and all the other kids in this country.”
House Speaker Paul Ryan says, “This gets us better wages, bigger paychecks, a simpler tax system. This gets the American economy competitive.”
Lawmakers can’t head home for the holidays just yet.
They only have days left to pass a spending bill to avoid a government shutdown.