GOP Tax Cut Plan Clears Senate Finance Committee

(CNSNews.com) – The Senate Finance Committee passed the $1.5 trillion Tax Cuts and Jobs Act out of committee on Thursday evening.

Earlier in the day, the House passed the bill by a vote of 227 to 205, with 13 Republicans voting against it.

“From the outset of this process, we sought to craft a strong pro-growth, pro-jobs, pro-family tax overhaul that will move America forward and modernize our nation’s tax system to meet the challenges and opportunities of today,” Senate Finance Committee Chairman Orrin Hatch (R-Utah) said in a statement.

“After months of hard work and nearly a week of robust deliberation on the merits of this legislation, the Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of,” he said.

“By nearly doubling the standard deduction, lowering tax rates, and doubling the child tax credit, we have made good on our promise to deliver a bill that will improve the lives of average Americans who have been hit by nearly a decade of sluggish economic growth,” Hatch said.

The White House on Thursday praised the House passage of the Tax Cuts and Jobs Act, calling it “a big step toward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year.”

“We are working together to allow hardworking, middle-class families to keep more of their money, and to empower our companies and workers to dominate their global competition. A simple, fair, and competitive tax code will be rocket fuel for our economy, and it’s within our reach. Now is the time to deliver,” White House Press Secretary Sarah Huckabee Sanders said in a statement Thursday afternoon.

President Donald Trump was on Capitol Hill prior to the vote to rally support for the bill.

“He’s very engaged in this process. We’re going to continue to be, and we’re looking forward to seeing the same results come out of the Senate when they pass a bill and sign historic tax cuts and tax reform by the end of the year,” Sanders told reporters.

The bill now advances to the full Senate for a vote, which is expected after the Thanksgiving break.

The Senate Finance Committee, meanwhile, passed the Tax Cuts and Jobs Act out of committee on Thursday evening.

“From the outset of this process, we sought to craft a strong pro-growth, pro-jobs, pro-family tax overhaul that will move America forward and modernize our nation’s tax system to meet the challenges and opportunities of today,” Senate Finance Committee Chairman Orrin Hatch (R-Utah) said in a statement.

“After months of hard work and nearly a week of robust deliberation on the merits of this legislation, the Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of,” he said.

The bill now advances to the full Senate for a vote, which is expected after the Thanksgiving break

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From: https://www.cnsnews.com/news/article/melanie-arter/gop-tax-cut-plan-clears-senate-finance-committee

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