After months of work and last minute alterations, the US Senate passed President Trump’s tax cuts in a vote of 51 – 49. No Democrats voted for the bill. President Trump noted earlier this week, Democrats only want to increase taxes on working Americans.
From the Oval Office, the President stated that Democrats only want tax increases –
— Donald J. Trump (@realDonaldTrump) November 28, 2017
The final vote for tax cuts was voted on by all but one Republican Senator, Bob Corker from Tennessee voted against the bill. Corker has already announced that he is not running for reelection next year since he is way behind in polls in his home state after loudly trashing President Trump. Corker’s vote appears more of an immature response to the President than a vote for what’s best for his constituents.
President Trump tweeted tonight that the tax bill will be great for America by touting 137 economists who support the cuts –
Economists on the TAX CUTS and JOBS ACT:“The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will IGNITE our ECONOMY with levels of GROWTH not SEEN IN GENERATIONS…”
Economists on the TAX CUTS and JOBS ACT:
“The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will IGNITE our ECONOMY with levels of GROWTH not SEEN IN GENERATIONS…” pic.twitter.com/2vCBDtLh3C
— Donald J. Trump (@realDonaldTrump) December 1, 2017
The tax bill is represents the biggest overhaul of the US tax system since the 1980’s under President Reagan. Through decreased tax rates and higher deductions, nearly every American is expected to save money in their annual tax bill. Corporations and companies are also expected to benefit with the federal tax rate dropping drastically from 35 percent to around 20 percent. Expectations are that the US companies will be much more competitive on a global basis after the cuts are in place which will increase incomes and jobs in the US.
The tax cuts will ignite an already record-setting economy. Under President Trump the stock markets are at all time record setting highs. Unemployment is at lows not seen in years. Nearly 2 million jobs have been created since last year’s election and the debt to GDP is decreasing.