GOP Budget Passes, Paves the Way for $1.5 Trillion Tax Cut

By NTK Staff | 10.20.2017 @12:30pm
GOP Budget Passes, Paves the Way for $1.5 Trillion Tax Cut

A concurrent resolution on the budget passed the Senate 51-49 on Thursday night, paving the way for the GOP to pass a bill that cuts taxes up to $1.5 trillion over 10 years.

On Thursday night, the U.S. Senate passed a concurrent resolution on the budget, paving the way for up to $1.5 trillion in tax cuts from fiscal years (FYs) 2018 through 2027.

The resolution passed 51 to 49, with every Republican but Sen. Rand Paul (R-KY) voting for it. All 46 Democrats and the two Democratic-leaning independents voted against the resolution.

President Donald Trump hailed the passge of the budget and claimed Paul would support the tax cuts.

Paul, for his part, seemed to confirm he’s on board with the $1.5 trillion tax cut on Friday morning.

Speaker Ryan seemed ready to whip his caucus for the bill when it goes to the House, releasing a statement applauding the passage of the budget in the Senate.

“I applaud the Senate for passing a budget and appreciate adoption of a new Title 5 in the resolution to address the House’s priorities. This action keeps us on track to enacting historic tax reform that will mean more jobs, fairer taxes, and bigger paychecks for American families. We want Americans to wake up in the new year with a new tax code, one that is simple and fair. Now it is time to meet this moment and deliver real relief to hardworking people.”

The GOP’s tax reform effort has turned into a focus on tax cuts in recent weeks.

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