House passes tax reform bill

A sweeping tax bill is on the fast track to passage after the US House voted to approve the plan Tuesday afternoon.

A vote in the Senate is expected Tuesday evening, with the president set to sign the bill by Wednesday.

The 227 to 203 vote was split mostly along party lines. Republicans say tax cuts aimed at businesses will jumpstart the economy -- with cuts for individuals -- a welcome Christmas present for taxpayers.

"Making sure that every single American gets to keep more of her or his money that they earn any day and they don't have to give it to the government," said Rep Mike Kelly, R-PA.

Democrats say the bill is a gift to corporations and the wealthy. 

Their holiday reference is a little different. 

"It is a big ba-humbug for America and the families and communities we represent back home," said Rep. Kathy Castor, D-FL.

The bill reduces the corporate tax rate to 21 percent. It ends the alternative minimum tax for corporations and boosts the exemption for individuals. 

It sets the top individual tax rate at 37 percent and doubles the standard deduction. 

The bill also repeals obamacare's individual health insurance mandate, caps mortgage interest deductions and increases the child tax credit.

"On average families are going to see over $2,000 more back in their pockets every years" said Rep. Steve Scalise, R-LA.

Democrats are the minority in congress and have no power to stop the tax plan that president trump promises to sign into law. 

But they says the public is on their side. 

"Hardworking families see right through the brazen con job republicans are trying to sell them," said Rep. Nancy Pelosi, D-CA:

Republicans believe public approval will increase once the law is implemented.

Freshman Republican Congresswoman Claudia Tenney voted for the bill saying it will unleash the economy and bring jobs back to America.

5 of the 12 Republican "no" votes came from New York State and included Representative John Faso whose 19th Congressional District stretches from the Hudson Valley to the Broome County Town of Sanford.

More Stories

Don't Miss

Trending Stories

Latest News

Video Center