It’s been really astounding watching the liberal left lie about the GOP tax plan that’s making its way through Congress. Nancy Pelosi came out and said it was ‘Armageddon’ and she wasn’t joking. How in the world can anyone take that kind of hysteria seriously?
Earlier today, the House passed the plan but they will have to vote on it again on Wednesday after the Senate made some provisions to follow the parliamentary process.
Late Tuesday night, the Senate held a vote.
The Republican-led U.S. Senate approved sweeping tax legislation in the pre-dawn hours of Wednesday, sending the tax cut package back to the House of Representatives for a final vote later in the day.
Looks like the GOP got 51 votes. A thin margin but a victory nonetheless.
From ABC News:
The Senate voted early Wednesday to pass Republicans’ ambitious $1.5 trillion rewrite of the tax code, moving one step closer to achieving their first major legislative victory under President Donald Trump.
The Senate bill was passed, 51-48, in a vote that didn’t come down until 12:45 a.m. ET. The voting was along party lines, with all 48 Democrats voting against the legislation.
Republicans didn’t need Mike Pence for the tiebreaking vote but he was around just in case.
Liberals are wrong about this bill.
Is it perfect? No. Some conservatives would have liked more.
However, there is no doubt this bill will lower taxes for most Americans and ensure that the economy continues to takeoff under Donald Trump.
Stephen Moore knows economics better than most people out there.
He’s on board.
From The Hill:
One thing is for sure. China, Europe, Canada, Russia and Mexico don’t want the Trump tax cuts to pass. These nations are firmly on the side of Nancy Pelosi and Chuck Schumer on this one. Ireland, which has recruited dozens of major firms from America to places like Dublin with its 12.5 percent business tax rate, is terrified that Trump will succeed in lowering the American corporate tax rate to 21 percent. This is a tax bill that puts American business and American workers first. It’s about time we stop foreigners from eating our lunch and stealing our jobs.
Still the left’s refrain is this is a tax giveaway for big bad corporations and rich business owners. Actually, nearly everyone of the 26 million small business owners in America gets a tax cut, too. Many of them will plow billions of dollars back into the economy as firms like Apple and FedEx already have pledged to do. The anti-business rhetoric of the left during the debate is dispiriting in the extreme. Somehow being pro-business is seen as unpatriotic.
As for the middle class, they will benefit primarily through more prosperity from this corporate tax cut. But they also benefit from their taxes being cut, too. The big benefits to the middle class include doubling the standard deduction to more than $24,000 from about $12,000 today. This means your first $24,000 of income is tax free. Tax rates at every income level will get cut by about 10 percent. Moreover, the child credit will double from $1,000 per child to $2,000. For a family with three kids that’s an extra $3,000 right off the top on taxes.
Trump has already responded to the late-night Senate passage.
Looks like tomorrow is the day this officially gets signed.
[Note: This post was written by Andrew Mark Miller]