Senate passes GOP tax plan - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Senate passes GOP tax plan

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WASHINGTON (WKOW) -- Early Saturday morning the U.S. Senate passed the Republican tax reform bill along party lines.

The final vote was 51 in favor, 49 against.  Senator Bob Corker was the only Republican who voted against the bill. 

The House of Representatives approved its own tax reform plan last month, so now the two chambers are expected to reconcile both bills during a conference.  

President Trump reacted to the news on Twitter saying, "We are one step closer to delivering massive tax cuts for working families across America." The president went on to thank Senate Majority Leader Mitch McConnell and Chairman Orrin Hatch, saying he hopes to sign a bill into law by Christmas.  

Wisconsin U.S. Senator Tammy Baldwin released a statement on the passing of the tax plan overnight saying in part, "This legislation rewards the top 1% and Republicans have put people's health care on the chopping block to pay for it.  That's not right, and it's not fair..."

On the other side of the aisle, Wisconsin U.S. Senator Ron Johnson supported the bill after securing changes to lower taxes paid by pass-through businesses.  Senator Johnson says the bill will provide economic growth, increasing people's wages and providing more revenue to the federal government to close the deficit.  However, the latest projection from the Joint Finance Committee on Taxation shows the bill would increase the federal debt by $1 trillion dollars over the next decade.  

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