GOP set to roll $1.5T final tax bill through House, Senate
00:49, Dec 20, 2017
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The bill also doubles the standard deduction for families, doubles the child tax credit, and doubles to $10 million the amount of money that can be exempted from inheritance tax on the wealthy. More holdout GOP senators- moderate Susan Collins of ME and Mike Lee of Utah - came into the fold on Monday.
Rubio relented in his high-profile opposition after negotiators expanded the child tax credit, and he said he would vote for the measure next week.
The top Democrat on the House Ways and Means Committee, which drafted the bill, said Republicans falsely promised their revision would simplify taxes so much that it would allow people to file taxes on a postcard.
The Senate will still vote on the bill Tuesday night before passing it back to the House.
Republicans said the bill will create the lowest tax rate for job creators in modern history, and reduce taxes for working class Americans.
Reduces the top tax rate for the wealthiest Americans to 37 percent from 39.6 percent. The tax cuts are projected to add $1.46 trillion over a decade.
The Republican plan is projected to add almost $1.5 trillion to the national debt over the coming decade, according to the Joint Committee on Taxation, but that figure drops to about $1 trillion when economic growth is taken into consideration. GOP lawmakers say they'd expect a future Congress to continue the tax cuts so they won't expire.
The bill also matches the version passed by the Senate in doing away with the Affordable Care Act's individual mandate to obtain insurance, effectively making the tax bill double as Republicans' biggest blow to Obamacare. On the eve of passage of Obama's signature health care law, Gallup found that 46 percent of Americans supported its passage, while 48 percent opposed it - and the law proved to be a political albatross hanging around Democrats' neck for the next eight years.
The GOP did not, in the end, do much to simplify the tangled USA tax code.
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"This is America's comeback", added number two House Republican Kevin McCarthy. The goal of tax reform was to help those who have been struggling to get by get ahead, this bill does that.
The disgruntled Republican lawmakers, from high-tax New York, New Jersey and California, receded into the background as the tax train rolled.
The Republican bill was approved on a 227-203 vote, with no Democrats supporting it.
A Senate vote later in the day on Tuesday is expected to seal the deal.
Even with the compromises, though, the bill did have some dissenters among House Republicans.
But the deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000.
Passing the bill in December, with many provision set to take effect January 1, 2018, leaves employers and employees little time to figure out how to adjust take-home pay under the new bill and it remains unclear how long it will take the Internal Revenue Service and payroll professionals to figure out how to adjust withholdings under the new law. John McCain, who has brain cancer, was spending time with family in Arizona. The Republicans still can muster a simple majority of the 99 senators present.
Vice President Mike Pence, who is president of the Senate, would be called on to cast the deciding vote in case of a deadlock.
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