The down-to-the-wire 2017 tax act allowed massive cuts
As the United States and the world had its full attention on the Kavanaugh confirmation hearings, the U.S. House of Representatives passed a massive $3.1 trillion tax cut on Friday.
The vote was 220 to 191.
The down-to-the-wire 2017 tax act, which passed in December, included modifications that had to result in a net developed cost that dropped within the boundary of $1.5 trillion, allowing the Senate to approve the bill.
Fortune reports: The House’s new bill starts at the beginning in 2025, and would supplement $600 billion to the national debt within the next decade, and then $3.2 trillion in the 10 years after that, according to Howard Gleckman of the Tax Policy Center.
Despite the House vote, it is unlikely the Senate will take up the legislation. The first series of tax cuts landed with a thud, with even a leaked Republican National Committee poll—reported on by Bloomberg News—telling American voters thought it served “large corporations and rich Americans” by an overall 2-to-1 margin and the same perimeter among independent voters.
Without special rules in place, the Senate would vote under normal methods, which can require 60 senators’ votes to pass a bill that is heavily opposed.
President Donald Trump has celebrated another massive win last month as stocks hit their highest levels ever amid the current trade war with China.
The Dow Jones Industrial Average rose to 0.83% in morning trading, then soaring over its previous record set on January 26The S&P 500 added six-tenths of the percentage point, rising well above the last record set in August.
The Nasdaq Composite rose nine-tenths of a percentage point.