I am no CPA, nor am I an economist, but I am boldly going to say I am happy to know that in the wee hours of Saturday morning the Senate passed its version of a tax reform bill. It’s a once-in-a-generation bill that just moved one giant step toward major tax reform.
At least the Senate Republicans were able to deliver. I believe no Democrat voted for the bill and only one Republican voted against – Sen. Bob Corker, who is retiring and a recent opponent of the president.
Many, including conservative organizations, such as The Heritage Foundation, have clamored for passage of tax reform measures, they believe, will spur economic growth, create jobs, provide relief to small businesses and allow Americans to keep more of their hard-earned dollars.
The Senate version includes the following controversial points:
- Ends Obamacare’s individual mandate penalty;
- Eliminates the SALT subsidies to liberal state and local governments;
- Reduces taxes by $1.5 trillion over the next decade.
As the cheering goes on, it’s still not over. The House and Senate must pass the same exact text and pass the tax reform bill by Christmas. Only then will it go to the president’s desk and he will sign it into law. That’s the plan. -PW