President Donald Trump is hailing the performance of the stock market as the House and Senate brace for votes that majority Republicans are confident will produce the most far-reaching overhaul of the USA tax code in decades.
The Republicans' final drive to deliver the tax package to an eager President Donald Trump begins Tuesday with a vote in the House.
The controversial tax reform bill, also known as the Tax Cuts and Jobs Act, hasn't sat well with more than half of Americans, who say it would help neither their family's financial situation nor the USA economy, according to research by Gallup.
Protesters briefly interrupted the proceedings, chanting "kill the bill!" right before Speaker of the House Paul Ryan (R-Wisconsin) made his speech on the House floor. In the years immediately following passage of this bill, Americans earning between $20,000 and $30,000 will experience a 13.5 percent tax cut compared with an eight percent tax cut for the average American. "Results are going to make this popular", he said. That change is due for 2019.
The compromise, conference bill came after the House and Senate passed their own similar but separate tax plans over the last few weeks, and it is created to win over shakey Republicans in the Senate. Twelve Republicans voted against the bill. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections.
Even with the compromises, though, the bill did have some dissenters among House Republicans.
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However, some households, particularly those in regions with high state and local taxes, will lose under the tax reform bill.
In June, the NBC/WSJ poll showed that Americans preferred Republicans over Democrats in handling the tax issue by 4 percentage points.
There are still a few hurdles for the bill, though they now appear to be easily surmountable.
"The Senate parliamentarian determined two minor provisions do not have budgetary impacts and had to be removed from the bill", the spokesperson told Business Insider. And Sen. Thad Cochran has also been dealing with illness, potentially leaving Republicans with just 50 votes and no margin for error. The goal of tax reform was to help those who have been struggling to get by get ahead, this bill does that.
With Treasury Secretary Steven Mnuchin watching from the gallery, the House passed the bill by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it.
As long as that holds, Trump should have a rare sight on his desk as soon as Wednesday: sweeping legislation, ready for his signature.