Trump Tax Bill hands over the house, advances to the Senate

Washington – The Republicans in the US representative house came together early Thursday to say goodbye to President Donald Trump's “Great” Tax Act from the Chamber.

Every democrat on the ground was voice no, as did the Republican representatives Warren Davidson from Ohio and Thomas Massie from Kentucky. MP Andy Harris, R-Md. Chairman of the conservative House Freedom Caucus agreed. The final vote was 215-214.

The passage was a great victory for Republican leaders who have spent the last two months to create the legislative template and to make changes to the last two days at the last minute.

The more than 1,000 pages of legislation and 42 pages with changes are a case study to win moderate and hardline conservatives.

The House Rules Committee came up for 21 hours of debate and changes in a row to comply with the self-imposed commemoration day of spokesman Mike Johnson for the adoption of the law.

The package, which consists of tax cuts with cuts in the social security net, is still a complicated way through the Senate.

The upper chamber will take into account the legislation in accordance with a number of rules that are referred to as budget reconciliation, which means that only a simple majority must exist instead of the typical 60 votes that are necessary to move invoices by the Senate.

“I would only say to our friends in the Senate that the president is waiting with his pen,” said Johnson from the house floor before voting.

He repeated that he wanted to receive the package to President Donald Trump's desk by July 4th. “Today we prove that we can do that and we'll do it,” he said.

Nevertheless, several Republican senators have already announced that they will request significant changes to the legislative template before they agree to vote.

The final version of the legislation, which was passed on Thursday, contained numerous changes to give each of the competing factions within the party a victory.

For example, a schedule for collecting work requirements for Medicaid recipients by the end of 2026 was increased by two years – a victory for conservatives.

However, the changes also contained a four-time increase in the so-called salt trigger limit of a maximum of $ 10,000 in permissible deductions for state and local taxes that were paid up to $ 40,000, for taxpayers who report an income of less than $ 500,000.

The more comprehensive legislation is intended to comply with Trump's most important campaign promises and complete provisions for the tax reductions of permanent climbs 2017 and taxes.

However, a new analysis of the impartial congress office office estimates that, according to the draft law, “generally the resources for households in the lowest decil (tenth) would decrease in the distribution of income, while resources for households in the highest decile would increase.”

The markets fell concerns on Wednesday that Trump's expenditure law will lead to exploding federal deficits and weaker long -term fiscal health for the nation. The return of the 30-year government bond return was 5.09%.

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