During the presidency of Ronald Reagan, he pushed for and got two major tax bills passed. The first was the Economic Recovery Tax Act of 1981, but the one that really helped most working-class Americans was the Tax Reform Act of 1986. Critics then said it would create more debt than spending, but they were proved wrong.
Thirty-one years later, critics are saying the same thing about the GOP plan to cut taxes. They claim it will created a huge debt without any additional revenue from more spending and once again, I believe they will be proved wrong.
Yesterday, the House voted 227-203 to pass the finalized version of the Republican tax reform, promised by Donald Trump during his campaign, but due a glitch, they will have to vote again today.
The Senate did vote on the complete final version and passed the tax reform bill by a 51-48 vote, along party lines.
The Senate approved the Republican tax-cut bill in a 51-48 vote on Wednesday morning, inching closer to finishing off the first major legislative victory of President Trump’s tenure.
The party-line Senate vote came hours after the House on Tuesday approved the sweeping legislation in a 227-203 vote.
The Senate vote was briefly interrupted by protesters, who were removed from the Senate chamber after yelling at senators from the gallery, including chants of “kill the bill don’t kill us” and “you’re fired.”
One protester specifically called out GOP Sen. Jeff Flake (R-Ariz.), urging him to save the Affordable Care Act…
Even though Democrats continue to say that the tax reform only helps the wealthy, they fail to point out that the final version will yield about a $2,000 tax cut for medium income families with four people. Sure, it cuts corporate taxes, but gives corporations more money to hire more employees, give their people a raise or increased benefits, all of which will help spur the economy even more.
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