By Roger Kim
Early December 2nd, the Senate passed a Republican tax reform bill in a 51-49 vote with no Democratic support. It will go to conference, where House and Senate members will negotiate a combined bill.
“Not a single member of this chamber has read the bill,” Senate Minority Leader Chuck Schumer, who argued against the bill, said on the Senate floor before the bill passed.
The Senate bill will lower the corporate tax rate from 35 percent to 20 percent, change individual tax brackets, limit state and local tax deductions to property taxes capped at $10,000, and increase the child tax credit up to $2,000.
According to a Joint Committee on Taxation analysis, the bill is expected to add more than $1 trillion to the deficit over the next decade, though there was concern that the bill would be delayed for fiscal reasons.
Overall, the passing of the bill is a major Republican accomplishment, as it is their first passing of a significant piece of legislation since taking control of the Senate, House, and White House.
Reference: https://www.cbsnews.com/news/tax-bill-senate-passes-sweeping-tax-overhaul/?ftag=CNM-00-10aac3a
