The U.S. Senate has passed a sweeping tax reform bill, albeit by a small margin and along party lines.
According to Townhall.com, the new bill will cut taxes for more than 80 percent of Americans and will raise taxes on a small percentage of those in top income brackets.
The House already approved the tax bill, so its passing in the Senate in a 51-48 vote is a major victory for Republicans and for President Trump.
Every Republican senator besides John McCain (R-AZ), who is currently battling cancer, voted yes on the bill, while every Democrat voted no.
President Trump’s administration has been trying for some months to get a major piece of legislation passed, and it looks as though in the new tax bill Republicans may have what they have been hoping for.
The bill not only legislates reforms to the tax code, it also repeals the individual mandate tax, which was an unpopular part of Obamacare that required all Americans to have health insurance or pay a penalty.
The bill also paves the way for oil drilling in parts of Alaska.
The tax reform legislation has been welcomed as a victory not only for Republicans, but for the middle class.
The Wall Street Journal was generous in its praise of the bill:
“The Tax Cuts and Jobs Act, which the House passed Tuesday, represents the biggest advancement for growth and opportunity in recent memory. It…
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