WASHINGTON (AP) – Republicans working to execute their first major legislative achievement of Donald Trump’s presidency appear to have secured the votes to pass a massive tax overhaul that Trump hoped to present to the American people for Christmas.
House Speaker Paul Ryan said Friday: “This is happening. Tax reform under Republican control of Washington is happening.”
It’s the widest-ranging reshaping of the tax code in three decades and is expected to add $1.46 trillion to the nation’s debt over a decade. The GOP plans to muscle it through Congress next week before its year-end break.
Under the bill, today’s 35 percent rate on corporations would fall to 21 percent. The legislation would lower taxes on the richest Americans. Benefits for most other taxpayers would be smaller.