The tax reform bill has successfully passed through Senate with a slim margin of 51-49 that could see the bill head to President Trump’s desk by Christmas 2017, as planned by the Republicans.
Barring Sen. Corker, who maintains that the tax bill will increase the load on the federal deficit, the two parties were clearly divided on the matter.
What remains is for the House and Senate to reconcile differences between the two passed bill versions and arrive at a consensus. House Speaker Paul D. Ryan (R-Wisconsin) says that Senate approval for a conference committee will speed the bill’s way to Trump’s desk.
Democrat Senators unanimously voted against the bill which, according to more than one nonpartisan group, will help 20% of the nation’s highest earners, while taxes for lower income bracket taxpayers will increase in the long run, and the federal deficit could increase by as much as $1 trillion over the next ten years.
Nevertheless, the Republicans are euphoric, as this could be their first major legislative win since they took majorities in the House, the Senate and, of course, the White House at the start of 2017.
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