Tax Cuts and Jobs Act – Statutory Language
We were able to obtain a Congressional Record copy of the actual statutory language of the Tax Cuts and Jobs Act – Statutory Language as passed by the House, and expected to be signed by the President. It is always preferable to read the statute and reach your own conclusions with respect to the consequences of the law, rather than rely on what a journalist thinks it means.
The House, forced to vote a second time on the $1.5 trillion tax bill, moved swiftly to pass the final version on Wednesday, clearing the way for President Trump to sign into law the most sweeping tax overhaul in decades.
House lawmakers approved the tax bill 224 to 201 on Wednesday, after being forced to vote on the bill again after last-minute revisions were made to it in the Senate, which passed the measure 51 to 48 early Wednesday morning.
The final House vote was essentially a formality, as the changes, which were made to comply with Senate budget rules, did not significantly alter the overall bill. But the need for a second vote gave ammunition to Democrats, who had already accused Republicans of trying to rush the tax overhaul through the House and Senate.
“We are five days away from Christmas, but it feels like Groundhog Day,” said Representative Louise M. Slaughter, Democrat of New York, who denounced the process by which Republicans undertook their tax rewrite as “nothing short of an abomination.”
Representative Lloyd Doggett, Democrat of Texas, said, “We will be cleaning up this mess and the blunders in this bill all of next year.”
The tax rewrite is the biggest legislative achievement for Republicans since they gained full control of Congress and the White House. The tax bill delivers deep and permanent tax cuts for corporations while providing temporary tax cuts for individual taxpayers, including the wealthiest Americans.