Senate passes tax reform, but the hard part remains

The Senate handed Donald Trump a significant victory early this morning, voting 51-49 along party lines to pass a massive overhaul of the tax system that Republicans hope will jump-start the economy and create millions of jobs. NBC News: The legislation would bring the first overhaul of the U.S. tax code in 31 years. It would slash the corporate tax rate, offer more modest cuts for families and individuals, and eliminate several popular deductions. Trump hailed the bill's passage on Twitter, thanking Majority Leader Mitch McConnell and Senate Finance Committee Chairman Orrin Hatch, R-Utah. "Look forward to signing a final bill before Christmas!" the president wrote. Democrats derided the reforms as a GOP gift to the party's wealthy and corporate backers at the expense of lower-earning people. The bill is "removed from the reality of what the American people need," said Senate Minority Leader Chuck Schumer, D-N.Y. Republicans achieved...(Read Full Post)

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