WASHINGTON (AP)- Republicans in Congress have delivered an epic overhaul of U.S. tax laws to President Donald Trump, bringing generous tax cuts for corporations and the wealthiest Americans, and billions to be added to the national debt.
The $1.5 trillion package, billed as a huge boon for the middle class and a spark to economic growth, provides smaller tax cuts for middle- and low-income families.
Senator Portman wrote this statement about the passing of the historic tax cut bill:
“For years, Republicans and Democrats alike have called for middle-class tax cuts and a more competitive tax code for American workers and businesses, and today Republicans are delivering on that promise. This bill will cut taxes for middle-class families, reform our business tax code to create more jobs and higher wages for Ohio workers, and update our international tax code to encourage jobs and investments in America. This is the first time Congress has passed comprehensive tax reform legislation in 31 years. I’d like to thank Leader Mitch McConnell, Speaker Paul Ryan, Chairman Orrin Hatch, Chairman Kevin Brady, and all of my colleagues who were united by the desire to help the middle class and re-open the American economy as the best place in the world to do business. This plan is made in America, for America. By passing the Tax Cuts and Jobs Act, Congress is making good on its promise to help create a better economy and a brighter future.”
The GOP-dominated House voted — a second time — along party lines on Wednesday to approve the complex legislation, following a narrow vote after midnight in the Senate.
The measure slashes the corporate income tax rate from 35 percent to 21 percent. The tax cuts for business are permanent, but reductions for individuals and families expire after a decade. The standard deduction used by around two-thirds of Americans will nearly double to $24,000 for married couples.