Markets mixed after tax bill OK'd

President Donald Trump.   Getty Images

Trump touted the word from AT&T that it will pay 200,000 employees a $1,000 bonus after he signs the tax bill lowering the corporate tax rate to 21 percent from 35 percent.

The tax reform bill will now head to Trump's desk for a signature before it can become law. And a Monmouth University survey said half of the USA population predicts their federal taxes will increase.

The vote was a triumph for Ryan, a self-described policy wonk who put aside his vision for a more comprehensive, cutting-edge - and controversial - approach to overhauling corporate taxes earlier this year.

The tax cuts for business are permanent, but reductions for individuals and families expire after a decade.

"With final passage of this legislation, that is exactly what they are getting. It's kind of changing our worldwide tax system and, for the first time, really putting rules in place that will really stop companies from shifting profits overseas and gaming the system the way they do today", the official said, adding that it is really tax cuts and tax reform.

House Republicans could gather all of the votes they need to pass the continuing resolution without Democratic support, but at least eight Senate Democrats will be required to vote yes in order for the bill to pass in that chamber. This is one of the biggest changes in the bill and one that could significantly increase the tax burden of people who itemize their deductions - most likely people in the upper-middle or upper class. And several Senate Democrats also voted for the spending bill.

"Thank you for keeping your promise to see this Congress deliver the largest tax cut in American history before Christmas of this year", he said.

This tax code is simplified and will strengthen the economy, raise wages and make the economy more competitive, according to National Press Secretary Sarah Huckabee Sanders said in a December 15 statement.

Democrats are vowing to use this tax cut as leverage in the 2018 midterm elections.

The bill includes a short-term, six-month extension of CHIP, the Children's Health Insurance Program, that expired October 1 and covers some nine million children.

The bill also limits what homeowners can deduct in terms of state and local property taxes and income and sales taxes from their federal returns. This bill means more take-home pay. The deduction is especially vital to residents of high-tax states like New York, New Jersey and California.

Most Americans agree: President Trump is divisive
The December 12 national poll found American voters have few kind words for Trump; expel Moore if he wins, voters say nearly 2-1. Bush in 2001, when far fewer cited such concerns about personality or character as reasons for their negative opinions.

No Democrats voted for it, and they were joined by 12 Republicans.

The officials predicted that January will be a busy month for Republicans legislatively.

"If we can't sell this to the American people, we ought to go into another line of work", Senate Majority Leaders Mitch McConnell said.

The changes would reduce federal revenue by nearly $1.5 trillion over the coming decade - before accounting for any economic growth that might result, according to Congress's Joint Committee on Taxation, which analyzes tax legislation. "Do we not?" said House Freedom Caucus Chairman Mark Meadows.

"This will allow New Mexicans to move closer to their goals of saving for retirement, going to school or simply having enough money to afford emergencies", Pearce said, referring to the tax breaks for individuals.

"Diane Black of Tennessee, the highly respected House Budget Committee Chairwoman, did a GREAT job in passing Budget, setting up big Tax Cuts", he tweeted at the time.

"Now that it's approved, I can say that", added Trump, referring to his suggestion that the bill repeal the ACA.

No such change is reflected in the new tax bill.

The bill has only tiny benefits for the middle class, said Rep. Peter Welch, D-Vermont.

Congresswoman Claudia Tenney is explaining why she voted in favor of Washington's tax reform bill.

House Minority Leader Nancy Pelosi was particularly outraged by the passage of the bill, slamming the plan as "brazen theft" and one that "betrays the future and betrays the aspirations of our children". Sure. But wary of it looking like a giveaway to the wealthy and to corporations, Republicans have avoided even this kind of "trickle-down" argument.

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