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A Merry Christmas for Tax Payers? House Forced to Revote on GOP Tax Bill

12-19-2017
Tax Reform
Tax Reform

WASHINGTON – The House passed the GOP tax bill Tuesday in a 227-203 vote, with lawmakers mostly following party lines.  

A few congressmen rebuffed calls for party unity by voting against the bill. In all 12 Republicans said no to the sweeping tax overhaul. 

Republicans like Rep. Leonard Lance of New Jersey and Rep. Peter T. King of New York who both voiced serious concerns with the measure last month, think this bill is not good for the people of their districts.  

The Senate planned on voting on the bill Tuesday night, but in a last-minute glitch, Democrats said three provisions in the bill, including one that would allow parents to use college savings accounts for home-schooling young children, violate Senate budget rules.
  
House Majority Leader Kevin McCarthy, R-Calif., said the House would revote on the package on Wednesday, after the Senate removes the problematic provisions and passes the bill.

Democrats vow to battle the bill all the way to the end.

Senator Diane Feinstein tweeted, "The House just passed the disastrous #GOPTaxPlan. I'll be voting NO on the bill when it comes to the Senate and I call on my colleagues to do the same. This bill is NOT tax reform. It's tax cuts for the rich and so-called "trickle-down economics" that DOES NOT work.

According to Fortune magazine, the Tax Cuts and Jobs Act will pass the Senate by a slim margin, adding a whopping $1.4 trillion to the deficit over the next decade.

The bill is a big win for big business since it slashes the corporate tax rate from 35 percent down to 21 percent.  

Economists say it's not only the big guys who win, but small businesses will see some relief too with a new 20 percent business income tax deduction.

Meanwhile, the average American is wondering what all of this political wrangling means for their bottom line.  

A recent Gallup poll gauging the reaction of "Proposed Changes to the Federal Tax Code" shows 70 percent of Republicans agree with the new GOP tax plan while only 7 percent of Democrats approve the plan.  

Another poll by Quinnipiac University may put these numbers into perspective.  

It shows that 64 percent of people think the new tax bill benefits only the rich while less than 1 in 4 people think there will be any benefit for the middle class.

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