The GOP made good Wednesday on a major promise by passing sweeping tax cuts, and now Republicans have to sell the reforms to the American people.
The most significant rewrite of the U.S. tax code passed without a single Democratic vote or a public hearing. Republicans tweaked the bill all the way up until the same day it cleared. The legislative lift marks the largest reform of the tax system since 1986, and Republicans did it in record time. House leaders unveiled the first draft of the legislation Nov. 2, and Congress passed the bill onto President Donald Trump on Dec. 20, just in time for Christmas.
The bill changed so many times over the last six weeks that most Americans aren’t sure of the legislation’s details and how it will affect them. But Republicans aren’t worried about that; right now, it’s time to celebrate.
“Results are going to make this popular,” House Speaker Paul Ryan, R-Wis., declared this week.
The final bill, nearly 500 pages long, permanently lowers the corporate tax rate from 35 to 21 percent. Originally the Trump administration envisioned reducing the seven individual tax brackets down to three. The final bill keeps seven but at different rates: 10, 12, 22, 24, 32, 35, and 37 percent for top earners.
About 48 percent of households will receive a tax cut of greater than $500 starting in 2019, according to the Joint Committee on Taxation. Those savings are projected to dwindle…
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