10 key takeaways from the Republican tax bill that just passed

Violet Powell
January 18, 2018

"It's always fun when you win", Trump said, with reinforcing remarks from Vice President Mike Pence. It embodies the notion that big tax cuts for the wealthy will benefit low- and middle-class workers rather than simply enrich the already well-off.

It remained unclear Thursday how exactly Ryan meant to pass the CR in the House - whether by Republican votes only or with support from Democrats.

In a statement released Wednesday after the House passed the $1.5 trillion package in a re-vote, Trump said that he promised the public "a big, attractive tax cut for Christmas" and "that is exactly what they are getting". Due to procedural issues that arose in the Senate a day earlier, the House had to vote a second time. House Armed Services Chairman Mac Thornberry, a Texas Republican who demanded for weeks that the Pentagon needed a full year spending bill with added resources, told reporters Thursday that he would now vote for a stopgap bill to extend current levels until mid-January and he believes it will pass.

Waiting until early 2018 to sign the tax bill would have staved off the cuts until 2019.

Republicans in the U.S. Congress, while celebrating a major tax bill victory, on Wednesday worked behind the scenes to figure out a way to keep the federal government operating beyond midnight Friday when Washington funding expires.

Once the House passes legislation on a simple majority, the Senate needs 60 votes for approval.

The $1.5 trillion legislation delivers a major cut in the corporate rate - from 35 percent to 21 percent - eases the burden for "pass-through" businesses, provides modest cuts for the middle class and low-income families and repeals a key portion of Obamacare.

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"Obamacare has been repealed in this bill", the President declared. Democrats have accused them of prioritizing tax breaks for corporations over those for individuals.

"I am pretty optimistic that we will be able to have an agreement in January that starts the rebuilding process of the military, but we've got to quit using the military as a political pawn", he said.

Now that the Tax Cuts and Jobs Act has made it through Congress and the Senate, and is just a presidential signature away from becoming the law of the land, exactly how do Americans view the prospects of the landmark legislation? Marco Rubio, R-Fla., for their push for an increase to the Child Tax Credit.

"They've worked so long, so hard", Mr. Trump said pointing to the GOP congressional leadership gathered behind him.

"Unless we see a respect for our values and priorities, we continue to urge a strong NO" on the temporary funding bill, Pelosi said.

Tenney says she supports the Tax Cuts and Jobs Act that was passed Tuesday because it will "unleash the economy and bring jobs back to America". The tax bill accomplishes part of that goal by eliminating the penalty for individuals who don't get health insurance.

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