Not Looking Good! You'll Definitely Want to Read This And See How the Senate Tax Bill Affects You

WASHINGTON, DC - DECEMBER 01:  U.S. Senate Majority Leader Sen. Mitch McConnell (R-KY) (2nd R) walks from the Senate chamber to his office December 1, 2017 at the Capitol in Washington, DC. Senate GOPs indicate that they have enough votes to pass the tax reform bill.   (Photo by Alex Wong/Getty Images)

Not Looking Good! You'll Definitely Want to Read This And See How the Senate Tax Bill Affects You

If you're lower or middle class, the newly passed bill will be devastating.

Published December 2nd

UPDATE:

On Friday morning, Donald Trump signed the Republicans’ $1.5 trillion tax bill into law, just before the Christmas break, reported Reuters. 

Instead of signing the bill in his typical staged, over-the-top fashion, Trump opted for a quick signing before January in order to keep his promise of bringing tax cuts by Christmas. 

“I didn’t want you folks to say I wasn’t keeping my promise. I‘m keeping my promise,” Trump said to reporters in the White House.

PREVIOUS:

GOP lawmakers just passed the Senate version of their tax bill and most likely it’ll be signed by Donald Trump before the year’s over.

  1. The bill will be devastating for the middle and lower classes and the means with which it was passed are almost as disturbing as what’s in the bill.

    In the early morning hours of Saturday (December 2), Senate Republicans passed the massive tax overhaul and gave Donald Trump and Congressional GOPers their first major legislative achievement since the 45th President took office.

    The bill, which was presented to the public at 9:30 pm Friday was still being worked on until the very last moment with hand written notes and scribbled out lines and pages that were barely legible. It favors corporations and will eliminate numerous deductions and credits beneficial to lower and middle class taxpayers. Numerous Democratic senators claimed they didn't even have time to read though the bill before a vote was brought to the floor.

    Passed 51-49, the bill would eliminate the individual mandate to buy health insurance, which could lead to a Congressional Budget Office estimate of 13 million more uninsured people within 10 years and jack up premiums for others.

    Trump took to Twitter to congratulate GOP senators for their “work” on the bill.

  2. Next, the House of Representatives can either vote to pass the Senate’s bill as is or go to conference with the Senate bill to meld it with some of the House bill’s provisions. Speaker Paul Ryan says his chamber will “move quickly” to combine the bills so they can get the bill to the president’s desk as soon as they can.

    Senate Democrats are furious about the scam that was just pulled. Senate Minority Leader Chuck Schumer said from the floor that "historians will mark today as one of the darkest black-letter days in the long history of the Senate.” He claims the bill "was chock full of special-interest giveaways before tonight, but under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations, while raising taxes on millions in the middle class."

    See some of the Senate Democrats’ reaction to the GOP tax bill below.

Written by Paul Meara

(Photo: Alex Wong/Getty Images)

COMMENTS

Latest in news