Senate Republicans Pass Their Tax Cuts
The bill slashes corporate tax rates, but millions of middle-class families could face tax increases under the $1.47 trillion bill.
After a day of twisting arms and striking side deals, Senate Republicans muscled through an overhaul of the tax code that puts the party on the brink of its first major legislative victory of the Trump administration.
The $1.47 trillion bill cleared the Senate shortly before 2 a.m. Eastern on a 51-49 vote, as Republicans overcame the unified opposition of Democrats who argued it was a budget-busting giveaway to big business and the GOP’s political patrons. Just one Republican, Senator Bob Corker of Tennessee, voted against the measure on the grounds that it would add too much to the deficit.
The bill’s central provisions would reduce the corporate tax rate to 20 percent from 35 percent, double the standard deduction, and enhance
