On Wednesday, the House of Representatives passed a tax bill that would cut $1.5 trillion in taxes, NPR reports. After passing the house for this second time (notably without any Democratic support and 12 Republicans voting “no”), it is on its way to President Donald Trump’s desk.
If you haven’t heard about the tax bill, it’s been widely criticized for how it benefits high-earning companies. NPR explains that the tax cut would reduce corporate taxes to 21 percent, for select companies (that are already flourishing and arguably don’t need a tax break.)
However, Trump has tried to reassure US citizens that this tax bill will have a positive impact: “The Tax Cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, and the defeated Dems, and only demean. This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!” Trump tweeted. (Though it may have been nice for him to actually elaborate how the tax cuts are “so meaningful.”)
The Tax Cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, the defeated Dems, and only demean. This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!
— Donald J. Trump (@realDonaldTrump) December 20, 2017
According to NBC News, the bill passed through the House with a 227-203 vote, where the Senate later approved the bill in a 51-48 vote. Judging by Trump’s favorable tweets and comments regarding the bill, he will likely sign it.
Until then, Trump has us in suspense on when he will sign the bill. The Washington Post reports that Trump might want to wait until the New Year to ring in this new bill.
Because of the Pay-As-You-Go (or PAYGO) budget rule, it could enforce cuts for Medicare and other necessary programs. Eventually Congress will have to vote on the future of PAYGO to prohibit this new tax bill from impacting these vital programs. However, there would need to be 60 votes against this budget rule in order to change its ruling or abolish it entirely. (As the Post explains, Republicans currently only make up 51 votes.)
Nevertheless, many people have mixed reviews about this tax reform, because it’s being scrutinized for favoring wealthier families and businesses.
Despite the mixed review regarding this GOP tax bill, Trump still has us in suspense as to when he’ll inevitably sign this bill.