The final version of the historic Tax bill has been voted through the Senate vote by 51 to 48 with zero Democrats voting for it. All that is left to do now is send it back to the House for a final vote and President Trump can sign it into law.
It was just a few hours before this vote that the House passed it along to the Senate, so with no new amendments, it should just be a formality; making this possible to get done before Christmas.
The tax reform is really epic in size; based on 10 different scenarios run by the Daily Wire, pretty much all outcomes for working and middle-class Americans look good.
The key points of this bill include:
- Lowering the corporate tax rate from 35% to 21%: This means that companies will pay an overall lesser percentage, which means that they will no longer try to “offshore” their incomes, it will encourage businesses to move to America, bring businesses back to America who left because of crushing ta rates, encourage new businesses to open. Everywhere in the world where a lower corporate tax rate has been offered, the actual tax take has increased. This is tried, tested, and proven economics.
- Doubles the Deduction: For both individuals and married couples, the standard deduction will be DOUBLED! This means that the regular Joe and Jane can now keep more of their own money.
President Trump Tweeted out:
“Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size. Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy, and create many beautiful JOBS!”