After multiple failures when it came to repealing the Affordable Care Act (ACA), Wednesday's passage of the Tax Cut and Reform Bill by the House and the Senate was a major feat for the Republican Party.
The bill, which passed the House in a 224-201 vote and the Senate in a 51-48 vote, will eliminate $1.5 trillion in taxes. The top corporate tax rate was slashed from 35% to 21%, which will make the United States a competitive player on the global business playing field.
The economic benefits of this move are already obvious: Boeing announced a new $300 million investment initiative, Wells Fargo announced a $15 minimum wage and $1 billion in new capital spending (along with $400 million in philanthropic contributions), Fifth Third Bancorp announced a $15 minimum wage and a $1,000 bonus for all employees, and AT&T announced a $1,000 bonus for all employees.
All of these announcements were pegged to the tax plan, making it obvious that the bill represents pro-growth reform.
All the while, the American people will receive huge tax cuts: the bill reduces the top individual rate from 39.6% to 37%, reduces the ACA regulatory nightmare by eliminating the mandate, doubles the child tax credit, and doubles the standard deduction. All of these provisions will simplify the taxpaying process and lessen the tax burden inflicted onto Americans.
The average family will save over $2,000, and 80% of the households will see cuts in their taxes. As House Speaker Paul Ryan (R-Wisconsin) said, "Americans are going to see relief almost immediately in the form of bigger paychecks and lower taxes."
Despite mainstream media reports on the tax bill, a Treasury Department review showed that revenues will increase by $300 billion over the next ten years as a result of its pro-growth provisions. This indicates the possibility of economic growth, widespread job creation, and expanded federal coffers.
I congratulate Speaker Ryan, Senate Majority Leader Mitch McConnell (R-Kentucky), House Ways and Means Committee Chairman Kevin Brady (R-Texas), and most importantly of all, President Donald Trump for their success.
On the behalf of America, thank you, Republicans, for the greatest Christmas present of all: tax cuts and a ticket to American prosperity.
The bill, which passed the House in a 224-201 vote and the Senate in a 51-48 vote, will eliminate $1.5 trillion in taxes. The top corporate tax rate was slashed from 35% to 21%, which will make the United States a competitive player on the global business playing field.
The economic benefits of this move are already obvious: Boeing announced a new $300 million investment initiative, Wells Fargo announced a $15 minimum wage and $1 billion in new capital spending (along with $400 million in philanthropic contributions), Fifth Third Bancorp announced a $15 minimum wage and a $1,000 bonus for all employees, and AT&T announced a $1,000 bonus for all employees.
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| Ryan, Trump, and McConnell |
All of these announcements were pegged to the tax plan, making it obvious that the bill represents pro-growth reform.
All the while, the American people will receive huge tax cuts: the bill reduces the top individual rate from 39.6% to 37%, reduces the ACA regulatory nightmare by eliminating the mandate, doubles the child tax credit, and doubles the standard deduction. All of these provisions will simplify the taxpaying process and lessen the tax burden inflicted onto Americans.
The average family will save over $2,000, and 80% of the households will see cuts in their taxes. As House Speaker Paul Ryan (R-Wisconsin) said, "Americans are going to see relief almost immediately in the form of bigger paychecks and lower taxes."
Despite mainstream media reports on the tax bill, a Treasury Department review showed that revenues will increase by $300 billion over the next ten years as a result of its pro-growth provisions. This indicates the possibility of economic growth, widespread job creation, and expanded federal coffers.
I congratulate Speaker Ryan, Senate Majority Leader Mitch McConnell (R-Kentucky), House Ways and Means Committee Chairman Kevin Brady (R-Texas), and most importantly of all, President Donald Trump for their success.
On the behalf of America, thank you, Republicans, for the greatest Christmas present of all: tax cuts and a ticket to American prosperity.
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