Tax Reform Bill Approved by House

Paul Ryan gives speech

Paul Ryan gives speech

The United States House of Representatives just approved Trump’s massive tax reform bill on Tuesday, December 19, “Today, we are giving the people of this country their money back,” House Speaker, Paul Ryan, R-Wis., declared on the House floor, according to foxnews.com.

Now known as the biggest tax code rewrite since the Reagan Administration. It is expected that normal income households will receive nearly double their current annual tax returns. American companies can expect to be provided with steep rate cuts, as well as other changes, according to foxnews.com

“This is (a) real relief, and people are going to see this in their paychecks before too long,” Ryan said, “this is the greatest example of a promise being made and a promise being kept,” according to Google News.

Opposition of the bill is still prominent, some Democrats have described it as a “scam to benefit the wealthy,” and even disrupted Paul Ryan’s speech and began shouting “You’re Lying!” They were later taken out of the building, according to politifact.com.

Now moving into In the Senate, speculation has been made that the bill will be past in a matter of hours. President Trump and Paul Ryan maintain their stand that the reform will produce a large economic benefit even after the large amount of criticism, according to politifact.com.

The bill would provide as follows:

  • corporate tax rate dropped from 35 percent to 21 percent,
  • double the standard deduction used by about two-thirds of U.S. households, to $24,000 for married couples, the $1,000-per-child tax credit would double to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes,
  • The bill would lower the top rate for individual and married filers from 39.6 percent to 37 percent, and it would set a deduction for “pass-through” business income at 20 percent and would eliminate estate tax, according to foxnews.com.