Breaking News

Congress Passes Sweeping Tax Bill
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Summary: GOP-controlled Congress has passed a sweeping tax bill.

On Wednesday, the Senate approved a tax bill,51-48, with Vice President Mke Pence presiding. According to NBC News, the bill will reorganize individual tax code, cut rates for corporations, and give tax breaks for private businesses.

  
What
Where


Earlier this week, the House of Representatives passed the bill, and on Wednesday, the Senate voted. The bill then went back to the House after technical problems were fixed, and the House passed it a second time.

Republicans were responsible for the bill’s approval, and no Democrats supported the measure, which will head to President Donald Trump soon to be signed.

According to NBC News, “[the bill] is the president’s first significant legislative accomplishment and the biggest tax overhaul in a generation.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Trump tweeted on Wednesday that the bill’s tax cuts will help the economy and bring jobs. Senate Majority Leader Mitch McConnell said that it will help bring growth.

“After eight straight years of slow growth and underperformance, America is ready to take off,” McConnell said.



The bill will lower the corporate tax rate from 35% to 21%. It also lowers individual taxes while doubling the standard deduction and replacing exemptions with a $2,000 child tax credit. Various deductions were also removed while limiting state and local taxes.

House Speaker Paul Ryan, a Republican from Wisconsin, lauded the bill and said that it would allow Americans to take home more money from their paychecks and allow American companies to thrive. He stated that the typical American family would get almost $2,059 back next year.

Democrats did not support the bill. House Minority Leader Nancy Pelosi, a Democrat from California, went so far as to call it the “worst bill to ever come to the floor of the House.”

The sweeping bill also will change estate tax and health care. It exempts larger inheritances from the estate tax and will abolish the penalty for Americans who do not get health insurance, a stipulation in the Affordable Care Act.

The nonpartisan group, Tax Policy Center, found that 83% of households in the one percent would receive an average tax break in 2018 of $193,380. In contrast, the middle class could expect about $930. The group said that the majority of the bill’s benefits would benefit the top 10% of earners.

While Republicans are lauding their effort, which Ryan said was decades in the making, surveys show that the tax bill is mostly unpopular with the American public, according to NBC News. A poll from NBC and the Wall Street Journal found that only 24% of respondents supported the bill while 41% opposed it. The majority of pollsters said that it seemed to only help corporations and the rich.

What do you think of the tax bill? Let us know in the comments below.



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Trial Attorney with 3-5 years of pleading experience

USA-WA-Seattle

Seattle office of our client seeks litigation trial attorney with 3-5 years of experience. The candi...

Apply Now

Corporate Attorney with mergers and acquisitions experience

USA-CA-Los Angeles

Los Angeles office is seeking a corporate attorney with 1-6 years of M&A, corporate finance, securit...

Apply Now

Estate Planning Attorney with 6+ years of experience

USA-CA-Los Angeles

Los Angeles office is seeking an experienced estate planning attorney with 6+ years of experience. C...

Apply Now

Patent Prosecution Associate

USA-IL-Chicago

Chicago office of our client seeks patent prosecution associate with experience. The candidate shoul...

Apply Now

RELEVANT JOBS

Associate - Mid-Level - GL Group

USA-NY-Valhalla

Defense firm seeking mid-level associate for Westchester office to fill General Liability position. ...

Apply now

Mortgage Compliance Analyst

USA-MN-Minnetonka

Job Description: Rubicon Mortgage Advisors LLC, a locally-owned, boutique mortgage lender is seeki...

Apply now

Litigation Legal Assistant

USA-CA-Los Angeles

Qualifications: Candidate should have 2+ years of previous experience supporting multiple atto...

Apply now

Litigation Legal Assistant (10+ Years Experience)

USA-CA-Los Angeles

Qualifications: Candidate should have 10+ years of previous experience supporting multiple att...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top