By Jessica Domel
Multimedia Reporter
After a slight hiccup in the process yesterday, Congressional Republicans report they are on track to see the tax reform legislation through the last procedural hurdles today.
The Tax Cuts and Jobs Act passed the U.S. House of Representative in a 227 to 203 vote yesterday afternoon. Two non-votes were counted. Twelve Republicans voted against the bill. No democrats voted for it.
After passage, the bill was then sent to the U.S. Senate, where it was discovered several provisions in the bill violate the Byrd Rule. The Byrd Rule keeps the Senate from considering “extraneous” matters included in a conference report.
The Senate passed the GOP tax bill in a 51 to 48 party-line vote just before midnight Central time.
“This tax reform bill is a huge victory for middle class families across Texas and the country,” U.S. Sen. Ted Cruz of Texas said after the vote. “By doubling the child tax credit and providing rate cuts for individual taxpayers in all brackets, this bill allows Americans to keep more of their hard-earned money and brings needed relief to working families.”
The bill included Cruz’s Student Opportunity Amendment, which expands the 529 College Savings Plans to include K-12 elementary and secondary school tuition for public, private and religious schools.
“Parents can now save up to $10,000 per year per child to use for K-12 education expenses in public, private and religious schools,” Cruz said. “While I would have preferred to see the education of every child prioritized–including homeschool students–I will continue working with my colleagues in Congress to expand school choice and opportunity.”
A full and permanent repeal of the mandate requiring all Americans to have health insurance was also included in the final bill.
“By repealing Obamacare’s individual mandate, 6.5 million Americans who have been unfairly fined by the IRS for not being able to afford health insurance will now have immediate and significant relief,” Cruz said. “And because we’ve significantly lowered the corporate tax rate, businesses that have fled overseas to escape our high corporate taxes will bring jobs and roughly $2.9 trillion in capital back to the American economy.”
Because the bill had to be corrected due to Senate rules, the bill goes back to the U.S. House for another vote Wednesday morning, where it is expected to pass.
“This is good news for the American people, and we’re going to get the economy roaring back again, and improve pay, and increase jobs and make America more competitive in the global economy,” U.S. Sen. John Cornyn of Texas said.
The president has reportedly called for a press conference this afternoon. He is expected to sign the GOP tax plan.