Republicans senators secure support needed to pass a Tax reform bill that would slash corporate tax rates from 35% to 21% and repeal an important part of Obama’s Affordable Care Act.
According to the 1,097-page bill released late Friday, today’s 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. Trump and GOP leaders had set 20 percent as their goal, but added a point to free money for other tax cuts that won over wavering lawmakers in final talks.
The legislation represents the first major legislative achievement for the GOP after nearly a full year in control of Congress and the White House. It’s the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation’s $20 trillion debt. The tax cuts are projected to add $1.46 trillion over a decade.
The bill would repeal an important part of President Barack Obama’s Affordable Care Act — the requirement that all Americans have health insurance or face a penalty — as the GOP looks to unravel a law it failed to repeal and replace this past summer.
Only on Friday did Republicans cement the needed support for the overhaul, securing endorsements from wavering senators.
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