With a 51-49 vote, the Senate early Saturday passed legislation to introduce a huge set of changes to the tax code, giving President Donald Trump his first major legislative victory.
Trump hailed the Senate vote for the $ 1. 5 trillion tax bill and looked forward to signing into law a reconciled version before Christmas once the Senate and the House of Representatives work out a final legislation.
The House has already approved its legislation, as the two chambers worked hard to enact a bill acceptable to the majority of GOP members of Congress.
Biggest Tax Bill and Tax Cuts in history just passed in the Senate. Now these great Republicans will be going for final passage. Thank you to House and Senate Republicans for your hard work and commitment!
— Donald J. Trump (@realDonaldTrump) December 2, 2017
The Democrats opposed the tax cut move in the Senate while Republican Sen. Bob Corker (R-Tenn.) went against the plan.
“This is a great day for the country,” Majority Leader Mitch McConnell (R-Ky.) declared.
“We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief for the middle class.”
But the legislation is a big achievement for Trump, who had high stakes in its passage near the end of his first year in White House during which the Republicans – in control of both chambers – missed several goals including replacing the Obama healthcare with a new system.
We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas! pic.twitter.com/gmWTny3SfS
— Donald J. Trump (@realDonaldTrump) December 2, 2017
Under the new plan, Americans will see tax rates for individuals lowered through 2025 while the corporate tax rate dramatically climb down from 35 percent to 20 percent.
The legislation is slated to repeal individual mandate under the Obama Healthcare, offering another point to Republicans to present to their voting base as promise fulfilled.
Democrats have strongly opposed the move to change the tax cut, saying it would save big sums to the large corporations and the rich.
Senate Minority leader Chuck Schumer, a New York Democrat, said the bill is a “product that no one can be proud of and everyone should be ashamed of.”
