President Trump is close to experiencing his first big legislative victory after almost a year since he took charge. While the House of Representatives voted in favor of $1.5 trillion tax cuts to clear off deficits, a last minute hitch owing to the parliamentary rules has led to the voting in the lower chamber on the revised proposal yet again.
It is for the first time in 3 decades that the US tax codes undergo such drastic changes. The effect of which is going to be experienced across the board right from the US corporations to families, resulting in significant decrease in their income tax beginning next year. The largest beneficiaries of the tax amendments are going to be the wealthy.
It was expected that the bill would be a major showdown, since senators Bob Corker and Marco Rubio has threatened to oppose the bill, and Senator John McCain was on leave owing to his cancer treatment. However, the Republicans voted along the party lines, getting 51 votes, while the Democrats opposed it with 48 votes.
Post the victory, Trump congratulated the Republicans and the US citizens with his tweet in which he said, “Great House Republicans to vote for your tax cuts.”
The procedural snag came into light only later on, as the Democrat senates demanded for 3 provisions, of which one was about cancellation of using saving accounts for home school expenses, as it was in violation of Senate’s Byrd Rule, something that needs just a simple majority to be passed.
However, Democrats seized the opportunity say that Republicans were rushing up the tax cut process without giving a time for proper study. They alleged that this was done to favor the billionaire campaign contributors.
President Trump wants the bill passed by Christmas. If the bill translates in to a law, it would be the first big legislative victory for Trump since his time in office.