The House gave the final stamp of approval Wednesday to a sweeping tax reform package, handing President Trump his first major legislative victory and most Americans a tax cut starting next year.
With a 224-201 House vote, Congress sent the $1.5 trillion package to Trump’s desk. The biggest rewrite of the federal tax code since the Reagan administration will usher in steep rate cuts for American companies, double the deduction millions of families claim on their annual returns and make a host of other changes taking effect in a matter of weeks.
— Donald J. Trump (@realDonaldTrump) December 20, 2017
“This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans,” Trump said during a Cabinet meeting moments before the vote.
While the bill already earned House approval earlier Tuesday, the Senate had to ship it back for a final vote after stripping out three provisions that violated chamber rules, in a last-minute glitch. Twelve Republicans once again defected Wednesday to vote with Democrats in opposition.
FLIP FLOP: Rubio Changes His Mind, Will ‘VOTE YES’ on Tax Reform
Just hours after Marco Rubio threatened to “vote no” on the GOP tax legislation unless Senate leadership drastically increased the child tax credit, the Florida lawmaker now says he plans to “vote yes” on the Republican effort to update the nation’s overly complicated tax system.
According to Fox Business, sources say Rubio will now fully support the Senate tax plan slowly making its way through Congress. It remains unclear if the one-time Presidential hopeful received his demands from McConnell and other GOP leaders, or if he was pressured to support the bill as is.
— FOX Business (@FoxBusiness) December 15, 2017
“We don’t know if [Rubio] got what he wanted until they release the bill publicly, and we’re not expected to see the actual public release of the bill until around 4:30 this afternoon,” reports Fox Business. “Yesterday, when Senator Rubio and Senator Lee were pushing to get an increase in the refundable portion of the tax credit for people who don’t have any tax liability… A source told us that Senator Rubio will get what he wants, he’ll be a ‘yes vote,’ when this is all said and done.”
Mitch McConnell and the GOP leadership in the Senate and the House of Representatives are pushing the revised tax legislation through Congress as quickly as possible, hoping to pass the bill before the Christmas recess.
Adding more fuel to the fire is recently elected Democrat Doug Jones, who will slice the GOP’s razor-thin majority even further, reducing the margins to 51-49 after he is sworn in as the Senator from Alabama.
JUST IN: House of Reps APPROVES TAX REFORM Legislation
The House of Representatives successfully passed the highly anticipated GOP tax reform legislation Tuesday afternoon, slashing taxes for average Americans and clearing a key hurdle in getting the bill to the President’s desk by Christmas.
GOP lawmakers managed to pass the overhaul of the nation’s outdated and overly complicated tax code along mostly partisan lines; sending the legislation to the US Senate with a 227-203 vote.
“Today, we are giving the people of this country their money back,” House Speaker Paul Ryan said on the House floor. “This is real relief, and people are going to see this in their paychecks before too long… This is the greatest example of a promise being made and a promise being kept.”
The $1.5 trillion tax package now heads to the United States Senate, where a simple 51 vote majority will advance the legislation to the President.
Mitch McConnell and other members of the GOP leadership urged a speedy passage of the bill this week, before Democrat Doug Jones cuts the Senate’s razor-thin GOP majority to an even smaller margin.
The Senate is expected to vote on the legislation as early as Tuesday night.