WASHINGTON, Dec. 2 -- The U.S. Senate on Saturday morning narrowly passed the Republican bill to overhaul the tax code in decades, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.
The Republican-led Senate approved the legislation, called the Tax Cuts and Jobs Act, with a vote of 51-49, with all Democrats and one Republican voting against the bill.
Bob Corker, the Republican Senator from the state of Tennessee, stated his opposition before the vote, citing concerns over the impact of large tax cuts on fiscal deficits.
While the Trump administration argued that the tax cuts would pay for themselves, almost all independent economists and forecasters didn't agree with that.
The Senate tax bill would cost about one trillion U.S. dollars in 10 years even after accounting for faster economic growth, according to the Joint Committee on Taxation, a nonpartisan committee of U.S. Congress.
Democrats also criticized that the legislation would mostly benefit the wealthy and large corporations, while Republicans touted tax cuts as an "once-in-a-lifetime opportunity" to boost corporate investment and economic growth.
But the Committee for a Responsible Federal Budget (CRFB) said in a recent analysis that the Republican tax bill is unlikely to generate more than 0.1 percent of increased growth per year, and over the long run it may actually slow the U.S. economic growth.
The House of Representatives had passed its own version of tax reform legislation last month, which contained significant differences from the Senate version. Republicans currently plan to convene a conference in the next few weeks to reconcile the House and Senate versions.
Overhauling the tax code is a top priority of Republicans and they are hoping to send the final legislation to President Donald Trump before Christmas.
"The Administration looks forward to working with Congress to fulfill the promise we made to deliver historic tax cuts for the American people by the end of the year," the White House said in a statement on Saturday.
However, analysts said the significant differences between the House and Senate versions could drag the tax fight into next year.
2017届高考英语一轮复习全册课件:选修7 7.1《challenging yourself》Ⅰ《what makes volcanoes》(重大版)
我国三大运营商十一起全面取消长途和漫游费
2017届高考英语一轮复习全册课件:必修2 2.1《challenging yourself》Ⅰ《love for parents》(重大版)
这16个女人,真的改变了历史!
2017届高考英语一轮复习全册课件:必修2 2.3《challenging yourself ⅲ keeping healthy》(重大版)
2017届高考英语一轮复习全册课件:必修1 1.4 unit4《helpful schoolmates》(重大版)
2017届高考英语一轮复习全册课件:必修1 1.6 unit6《helping people》(重大版)
2017届高考英语一轮复习全册课件:必修2 2.2《challenging yourself》Ⅱ《enjoying sports》(重大版)
2017届高考英语一轮复习全册课件:必修2 2.1 unit1《friends and friendship》(重大版)
2017届高考英语一轮复习全册课件:选修7 7.2 unit2《man and man.made disasters》(重大版)
2017届高考英语一轮复习全册课件:选修7 7.1 unit1《man and natural disasters》(重大版)
I’m not an athlete, but I am a lover of the Olympics. 阅读理解答案
2017届高考英语一轮复习全册课件:必修2 2.6 unit6《healthy diet》(重大版)
犀利漫画•男女眼中的世界如此不同!
2017届高考英语一轮复习单元演练:选修7 Modules 1-2(第1课时)(外研版含答案)
2017届高考英语一轮复习全册课件:选修6 6.5 unit5《appreciating classics》(重大版)
牛津词典:特朗普创造多个新词
2017届高考英语一轮复习全册课件:选修7 7.4 unit4《civilization》(重大版)
2017届高考英语一轮复习全册课件:选修8 8.1《challenging yourself》Ⅰ《hieroglyphics》(重大版)
2017届高考英语一轮复习全册课件:选修7 7.5 unit5《stress and memory》(重大版)
2017届高考英语一轮复习全册课件:选修7 7.3 unit3《history》(重大版)
瓶装水销量首次超越汽水,世界正在改变
2017届高考英语一轮复习全册课件:选修6 6.3 unit3《seeking advice》(重大版)
2017届高考英语一轮复习全册课件:选修8 8.1 unit1《names》(重大版)
触目!浮游生物首次被拍到摄入塑料
2017届高考英语一轮复习全册课件:必修2 2.4 unit4《unforgettable films》(重大版)
2017届高考英语一轮复习全册课件:选修6 6.1《challenging yourself》Ⅰ《saving our earth》(重大版)
2017届高考英语一轮复习全册课件:必修1 1.5 unit5《gaining confidence》(重大版)
西餐礼仪知多少:老外吃顿饭好麻烦!
2017届高考英语一轮复习全册课件:选修6 6.2《challenging yourself》Ⅱ《serving people》(重大版)