Trump’s plan to pass his tax overhaul by year-end is a “historic” win, according to Senate Majority Leader Mitch McConnell, and the Republican tax bill is a big win for Republicans.
The Senate bill is expected to pass by the end of the week, though a number of Senate Democrats are pushing for a delay.
| AP Photo McConnell: ‘historic’ win for GOP senators McConnell said Thursday that Republicans are on track to pass the GOP’s tax overhaul, which would be the largest overhaul in a generation.
Republicans hope to deliver their tax bill to President Donald Trump before the end.
The tax bill has to be passed by Congress and signed by Trump before it can be sent to Trump’s desk for signature.
Trump is expected in the coming weeks to sign the bill into law, though some Senate Democrats and House Minority Leader Nancy Pelosi have warned that they won’t back the legislation without changes to the tax system.
The House approved the GOP tax bill on Thursday and Trump is scheduled to sign it in the House on Friday.
Republicans are expected to bring the bill to Trump for his signature by the middle of the year.
“This is a historic win for America,” McConnell said in a statement Thursday.
“The American people overwhelmingly approved the President’s tax reform, and this historic victory is a major victory for Republicans across the country.
We can’t wait to see what it looks like when we sign the tax bill into federal law.”
The tax reform bill includes the largest tax cut in a decade for individuals and businesses.
The legislation would increase the standard deduction from $6,350 to $12,000 for the first $24,000 of taxable income, and by $2,000 in 2025 for couples and $12 in 2025 and $24 for singles.
The top tax rate on individuals would drop from 39.6 percent to 37 percent.
For the first time in history, the standard deductions would be eliminated for many taxpayers, and a new credit would be available to offset income tax.
Republicans say the tax plan will reduce the deficit and help the economy.
The Tax Policy Center, a Washington think tank, projects the Republican plan would generate $1.7 trillion in economic growth over a decade.