Republican senators and President Donald Trump are celebrating following Senate’s passage of nearly $1.5 trillion tax bill, in a vote of 51-49 which took place Saturday morning.
It is a significant victory for Republicans as it marks the first major overhaul of the U.S. tax system in 30 years.
Senator Bob Corker, a Republican from Tennessee, joined Democrats in opposing the bill as no Democrat voted in favour of the legislation.
The bulk of the bill’s tax cuts affect businesses and higher-earning individuals and gives more modest breaks to others.
Now that the Senate passed its bill, the next step is for the House to vote on Monday to send the bill to conference committee.
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At some point next week, the Senate will do the same thing, and then they will begin “conferencing” the two bills.
“I commend my Senate colleagues for this historic action,” House Speaker Paul Ryan, R-Wisc., said in a statement following the passage of the Tax Cuts and Jobs Act.
“For the first time since 1986, both the House and the Senate have passed a major overhaul of our nation’s tax code. Now we will move quickly to a conference committee so we can get a final bill to President Trump’s desk.”
Ryan continued: “The hardworking people of this country are counting on us to deliver real relief. That means more jobs, faster economic growth, bigger paychecks, and a tax cut for Americans from all walks of life.
“These opportunities only come around once in a generation, and now it is time for us to seize this moment.”
Senate Majority Leader Mitch McConnell, R-Ky., called the Senate’s passage of its tax bill a “great day for the country.”
He also defended pushing it through during the early hours of Saturday, after giving Democrats just hours to read through the changes before the vote.
