Lawmakers weighed in favor of passing the Trump administration's heavily contested tax bill with a midnight vote that saw all 51 Republicans vote for, and all 48 Democrats vote against the proposal.
The $1.5 trillion package was met with great criticism from many who estimate that it will round out to more than $2 trillion when all is said and done - and thereby add to a national deficit that will be placed on the shoulders of future generations. While the legislation promises to lower the top tax rate for individuals from 39.6 percent to 37 percent, it'll also chop the corporate income tax rate down from 35 percent to 21 percent. Thus, some have perceived the plan to be a gift to the wealthy.
Congress will now vote on the bill - which is being recognized as the largest US tax code overhaul in three decades. Should the bill pass - as it is expected to in the GOP dominated House - it will then move on to the President's desk to be signed it into law.
With 11 months of setbacks in the courts and executive orders being overturned, Trump has expressed an eagerness in the bill's passage as an opportunity to ring in the new year with a legislative victory. In addition to slashing corporate taxes, the bill would include provisions that continue to peel back mandates from Obama's Affordable Care Act and would allow access to the Arctic National Wildlife Refuge for oil drilling.
Source: abc.net.au
