The United States Senate has approved the GOP tax bill which was muscled through the floor of the House by politicians from the Republican Party. The $1.5 trillion tax bill gives big corporations and oil companies a host of permanent tax breaks. However, the tax reform only awards temporary tax cuts to the majority of American workers in the middle class.
If the White House assents to the bill, the GOP tax bill will be the most drastic reform of the American tax code since 1986. The legislation was passed along party lines with all the senators from the Democratic Party voting against it while the Republican senators availing themselves to the man to pass the bill. The only absent Republican senator during the vote was the Senator for Arizona, John McCain, who is undergoing treatment for brain cancer.
Tensions escalated as the final vote was being conducted despite the fact that it is evident that the bill would pass. This was as a result of the sharp criticism by the lawmakers from the Democratic Party. Democratic senators have alluded that the legislation is set to only benefit the wealthy class of American citizens and companies in the Fortune 500.
The GOP tax bill will see large corporations and multinational oil companies have their corporate taxes slashed from the current annual rate of 35% to 21%.
Billionaires and the wealthy class of Americans will have their taxes cut from 39.6% to 37% annually. The Minority leader in the US Senate, Chuck Schumer said the conservatives would rue the day by passing the tax bill. Schumer was speaking at the floor of the Senate chambers where he termed the tax reform bill as a disgrace to the more than 100 million American taxpayers.
The minority leader was visibly frustrated and went ahead to chastise the conservatives for talking while he was delivering his speech on the floor. The Democratic lawmaker from the state of New York said the Republican Party and its members headed by President Donald Trump were messing up the American middle class. Social and human rights activists who were in the Senate chamber’s press gallery made shouted to the senators to kill bill instead of the average American Taxpayer. Mike Pence, the US Vice President, would finally call the chaotic Senate proceedings to order as he presided over the chamber. The GOP tax bill is set to mark the first significant legislative achievement for President Trump and his administration.