Congress on the verge of passing huge tax cuts

“Results are what’s going to make this popular.”

WASHINGTON — Jubilant Republicans pushed on Tuesday to the verge of the most sweeping reform of the nation’s tax laws in more than three decades, a bill many say Americans will love when they see their paychecks in the new year. President Donald Trump cheered the lawmakers on, eager to claim a major legislative victory.

House members applauded as their chamber passed the $1.5 trillion package largely along party lines, 227-203. Ryan declared, “This was a promise made. This is a promise kept,” as he and other GOP leaders convened a victory news conference moments later.

The Senate was still on track to approve the package that will touch every American taxpayer, providing tax cuts for businesses and the middle class.

After the delay for a second House vote, the measure then heads to Trump. The president tweeted his congratulations to GOP leaders and “all great House Republicans who voted in favor of cutting your taxes!”

Republicans have stated the bill will spur economic growth as businesses increase wages and hire more workers.

Ryan declared, “Results are what’s going to make this popular.”

Democrats mostly oppose the tax cuts.

The tax cuts would take effect in January, and workers would start to see changes in the amount of taxes withheld from their paychecks in February.

“This bill will come back to haunt them, as Frankenstein did,” said House Democratic leader Nancy Pelosi.

The bill would slash the corporate income tax rate from 35 percent to 21 percent. The top tax rate for individuals would be lowered from 39.6 percent to 37 percent.

The legislation repeals an important part of the 2010 health care law — the requirement that all Americans carry health insurance or face a penalty — as the GOP looks to unravel the law it failed to repeal and replace this past summer. It also allows oil drilling in the Arctic National Wildlife Refuge.

The $1,000-per-child tax credit doubles to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes. Parents would have to provide children’s Social Security numbers to receive the child credit, a measure intended to deny the credit to people who are in the U.S. illegally.

Disgruntled Republican lawmakers from high-tax New York, New Jersey and California receded into the background as the tax train rolled. They oppose a new $10,000 limit on the deduction for state and local taxes.

Rep. Rodney Frelinghuysen, R-N.J., was among those who voted against the bill. Frelinghuysen chairs the powerful House Appropriations Committee, and it is rare for committee chairmen to oppose major legislation.

GOP Rep. Peter King conveyed what people in his Long Island, New York, district were telling him about the tax bill: “Nothing good, especially from Republicans. ... It’s certainly unpopular in my district.”

The bill is projected to add $1.46 trillion to the nation’s debt over a decade. GOP lawmakers say they expect a future Congress to continue the tax cuts so they won’t expire. That would drive up deficits even further.

The bill would initially provide tax cuts for Americans of all incomes. But if the cuts for individuals expire, most Americans — those making less than $75,000 — would see tax increases in 2027, according to congressional estimates.