12/21/17, Maine First Media Staff Report,
The Trump Tax Cuts await only the President’s signature before becoming the law of the land
but already are paying dividends for American workers.
President Donald Trump will sign the legislation once it arrives at his desk. Although there is speculation he could wait until after the New Year to avoid Medicare cuts.
But whether he signs it this week or two weeks from now, he will sign it.
The Senate passed the reconciled tax plan Tuesday in a party-line, 51-48 vote.
Wednesday was the House’s turn, passing the Trump Tax cuts by a 227-203 margin. No Democrats voted for the plan, while 13 Republicans voted against it. Click here for a list of the 13 RINOs.
The passed bill will reduce tax for almost all American families. Click here to see a chart.
Those reductions are only good for ten years, but Congress can address making those cuts permanent at a later date.
The corporate tax rate has been permanently (or until the next time there is a Democrat President and Congress) slashed from 35% to 21%.
Many personal deductions have been eliminated, somewhat simplifying the tax code.
However, the standard deduction for both single and married filers has been doubled. For a married couple, that means your first $24,000 is not taxed! The child tax credit has also doubled to $2,000.
The plan allows for $10,000 in deductions for property, state and local taxes.
An element of the plan that is being overlooked is lowering taxes on companies with owners that pay individual tax rates on profits — small businesses and self-proprietorships (combined accounting for about 95% of all U.S. businesses).
And perhaps most importantly of all, the ObamaCare individual mandate has been repealed. No longer will individuals be fined for not carrying health insurance.
American workers are already benefiting from the Trump Tax Cuts before they even take effect. Companies like AT&T, Boeing and Comcast, are handing out bonuses. And not just to upper management, AT&T, for example, is giving $1,000 bonuses to 200,000 employees! A couple of banks are now raising their wages of their lowest earners. Others are announcing plans for massive expansion that will increase job opportunities.
In total, as Sen. Thom Tills (R-NC) points out, just a day removed from the bill’s final passage, 315,000 employees will receive bonuses, and more than 700,000 has been announced job training, investments and charitable donations. All of this is thanks to the Trump Tax Cuts passing.
President Trump says there will be many more victories for American workers still to come.