Republican Congress Passes Massive Tax Overhaul

The Republican-controlled Congress has approved a massive rewrite of the U.S. tax code that will overwhelmingly benefit corporations and the wealthiest Americans, while ending a central pillar of President Obama’s signature healthcare law. The tax bill cleared the Senate early Wednesday, then House lawmakers approved it 224 to 201. 

President Trump reportedly may sign the tax bill at his ritzy private Florida resort Mar-a-Lago. Experts estimate Trump will personally benefit from a tax cut of up to $15 million a year. Democratic lawmakers have slammed the measure, which experts say will benefit big corporations, multimillionaires, private equity managers and President Trump and his family, while hurting the elderly, low-income families, immigrants, people buying health insurance, and the island of Puerto Rico. 

The new tax code will slash the corporate tax rate from 35 percent to 21 percent. President Trump has repeatedly claimed the benefits to corporations will “trickle down” to workers. But a number of corporate giants, including Pfizer and Coca-Cola, have said they’ll give the windfall from the tax cuts to their shareholders, not to their workers. The tax bill will also repeal the individual health insurance mandate, which experts say will cause insurance premiums to skyrocket. The Congressional Budget Office estimates 13 million Americans are projected to lose their health insurance under the plan.