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Specialty Graphic Imaging Association

US Senate Passes Tax Overhaul

The US Senate passed legislation to overhaul the tax code early Saturday (December 2, 2017)  morning voting 51-49 to pass the plan, capping off days of debate. Republican Sen. Bob Corker (R-Tenn.) voted against the plan amid lingering concerns over the impact on the deficit. No Democratic senator supported the legislation.  Vice President Pence presided over the final passage vote.

The bill would lower tax rates for individuals through 2025 and permanently cut the corporate tax rate from 35 percent to 20 percent. The bill’s tax cuts for individuals are temporary in order to comply with budget rules that the measure can’t add to the deficit after 10 years.

The bill would also repeal the Affordable Care Act’s individual mandate, a priority for President Trump and many Republicans, and open up a section of the Arctic National Wildlife Refuge for drilling.

Republican senators will now move to reconcile their legislation with the House’s proposal, passed in mid-November, as they try to get a final product to President Trump’s desk by the end of the year.

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Publication/Release Date: 
Dec 02, 2017

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