Washington, DC. – Just moments ago the United States House of Representatives have passed its first major piece of Trump backed legislation. The sweeping tax reform bill is the biggest of it’s kind since Ronald Reagan in the 1980’s. The tax bill slashes middle class taxes, cuts corporate rates, closes loopholes, and increases the standard deduction by more than double along with a whole host of other factors such as condensing the number of tax brackets from five to three.
This is considered to be a major victory for the Trump administration and now paves the way for a Senate vote on the reform and cuts package. It is estimated that under the new tax structure the majority of Americans would see an additional several hundred dollars in savings each year, with millions saving thousands each year.
The new reforms have been touted by the President in recent months since it has been unveiled, and the speed with which it has been brought to a vote has left some Democrats shocked. Many Democrats are opposed to this bill due to the cuts for corporations as well. However, supporters maintain that these cuts will lead to a jobs explosion and prove to be a boon to the national economy.
Another important section of the bill is the construction write off. This section will allow companies of any size to write off the full expense of new equipment, which is said to be a critical component to bringing back manufacturing jobs, and updating aging equipment in the American heartland.
The final vote was 227 in favor of the American Tax Cuts and Jobs Act.