“This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!” Trump wrote on social media.
Trump’s tax bill would deliver the largest tax cut in American history. Under the bill it’s estimated that most Americans would pay around 15% less in taxes. The bill would eliminate taxes on tips and overtime. It would provide historic tax relief to Social Security recipients.
The bill would certainly add to the U.S. debt but could greatly boost economic growth by increasing disposable income for individuals and businesses. This increased economic activity can result in higher GDP.
The bill passed in a 215-214 vote after lawmakers debating the bill through two successive nights. All the chamber’s Democrats and two Republicans voted against Trump’s tax cut bill. To be clear, that means all 215 Democrats voted against the bill.
Democrats blasted the bill with misleading claims. “This bill is a scam, a tax scam designed to steal from you, the American people, and give to Trump’s millionaire and billionaire friends,” one Democratic Representative said. Many on the Left are more likely to be upset that the bill would also fund Trump’s border wall and ICE agents. It also would end taxpayer-funded sex changes.