Senate Passes Massive Tax Reform Legislation

With 51 Republican votes, the Senate narrowly approved a massive bill early Saturday that would cut taxes for many Americans, nearly double the standard deduction and dramatically reduce the corporate rate — all while adding more than $1 trillion to the deficit over the next decade.

Senate Republicans passed the measure just hours after having to rewrite the legislation Friday evening, providing them with their first major legislative win of the year.

GOP lawmakers scrambled to revise their bill after the parliamentarian ruled the deficit trigger — a necessary component to sway key lawmakers to get on board with the bill — didn’t comply with the Byrd Rule Thursday evening. Despite the last-minute challenge, Republicans managed to come to an agreement Friday that placated enough members to bring the bill to the floor.

President Donald Trump praised the passage of the legislation in the Senate tweeting early Saturday morning, “We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @senorrinhatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas!”

“It was extended conversations that went on into the late hours of the night and continued early in the morning,” Texas Sen. Ted Cruz said of the negotiations Friday ahead of the vote, adding he believes the legislation made “significant improvements.”

Cruz later told The Daily Caller after the legislation passed,“Tonight was a terrific victory for the American people. It was a victory for job creators. It was a victory for small businesses for farmers for ranchers. For hard-working American families that want to see more jobs want to see higher wages and more opportunity. This tax bill is a historic tax cut designed to bring back jobs to raise wages and to help the American family.

Read more at  The Daily Caller