House Republicans on Thursday voted to pass their tax reform bill, approving the measure 227-205.
All Democrats and 13 Republicans voted against the legislation.
“For too long, this broken tax code has eroded America’s economic leadership around the world,” said House Ways and Means Committee Chairman Kevin Brady (R-Texas).
“Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity and help these middle-income families who are struggling,” said Speaker Paul Ryan (R-Wis.).
Americans making less than $75,000 a year will see an increase in their taxes under the Senate GOP tax bill over the next decade while millionaires receive a large tax cut, according to an analysis released Thursday by the Joint Committee on Taxation, Congress’ official nonpartisan analysts.
According to the JCT analysis, taxpayers would see their tax bills drop by 7.4 percent on average in 2019 under the current bill, but by 2027, their taxes would increase by an average of 0.2 percent.
The poor would be hardest hit by the increases, with those making between $20,000 and $30,000 paying as much as 25.4% more in their tax bill by 2027.
Those making over $75,000 would still see their taxes go down by less than 1 percent by the final year.
“What is happening now is just shameful,” said Senator Ron Ryden (D-Oregon) in the Senate Finance Committee hearing shortly after the JCT tables were released. “I don’t know how anybody can go home and explain why it’s a good idea to hike taxes on parents who barely stay afloat to pay for a massive corporate handout.”
“I just have too many constituents who are going to see their taxes go up or not see the benefit of the tax relief,” said Rep. Lee Zeldin (R-N.Y.).
Senate Republicans have their own tax reform bill, which would fully repeal the state and local tax deduction, repeal ObamaCare’s individual mandate, and delay the corporate tax cut until 2019.
The Hill added:
No more than two Senate Republicans can vote against their bill if Democrats are united in opposition to it. Already, Sen. Ron Johnson (R-Wis.) has said he doesn’t support either the House or the Senate bills because they provide more of a benefit to corporations than to other types of businesses. Sen. Susan Collins (R-Maine) has expressed concerns about including repeal of the individual mandate, but has not taken a hard stance yet on the measure.
Senate Republicans are aiming to vote on their tax plan during the week after the Thanksgiving holiday.
If the Senate passes its bill, then it will go to conference for negotiation between the two chambers.