House approves final tax reform bill

The U.S. House of Representatives approved a huge tax bill that will create huge rate cuts for American companies and double the deduction that millions of families claim on their annual tax returns. It will also make other important changes. It is the biggest rewrite of the tax code since Reagan was president.

To quote Joe Biden who whispered into Barack Obama's ear and was heard by millions, this tax reform package is a "big f**k**g deal." 

The bill passed on a 227 to 203 vote. It is expected to clear the Senate, but hey, you never know.

The $1.5 trillion bill would give President Trump a major legislative victory and bring Christmas joy to millions, although it will take until next year before they see more money in their paychecks.

"Today, we are giving the people of this country their money back," House Speaker Paul Ryan (R.-Wis.) said on the House floor, unable to contain a big smile.

Ryan spoke at an earlier press conference and said that "families at every income level get a tax cut." He vowed that a family of four making the median income of just over $70,000 would see a tax cut worth over $2,000.

"This is real relief, and people are going to see this in their paychecks before too long," he said. ". . . This is the greatest example of a promise being made and a promise being kept."

Democrats, of course, opposed the bill unanimously. They called it a "scam" that only benefits the wealthy, but once the public sees more money in their paychecks, Democrats will look foolish.

The speaker led a round of applause on the House floor minutes before the vote and thanked "architect" Rep. Kevin Brady (R.-Tx.) chairman of the Ways and Means Committee.

Barring any unexpected theatrics, the bill should pass narrowly in the Senate in just a few more hours. It will give President Trump a major victory on the domestic front.

The final bill is a combination of previously passed House and Senate legislation. It will cut corporate tax from 35 to 21 percent--that should boost business and give the economy a big shot in the arm. It would double the standard deduction used by about two-thirds of American households, to $24,000 for married couples. The current $1,000-per-child doubles to $2,000. 

And more.

The corporate tax cut will be permanent while tax cuts for individuals expires in 2026. At that time, new legislation can deal with individual need.

House Minority Leader Nancy "Dancing Hands" Pelosi (D.-Calif.) spoke with her hands in front of a giant sign that read, "#GOPTAXSCAM."

But she didn't vote to pass it in order to read it.


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