Senate passes tax cut bill with votes of Isakson, Perdue

[private]The U.S. Senate voted 51-49 early Saturday morning to pass tax cut legislation that will produce large reductions for corporations and the wealthy, trigger spending cuts in Medicare, and kill a major provision of the Affordable Care Act.

The vote was largely along party lines, with only Republican Sen. Bob Corker of Tennessee joining Democrats to vote against the tax bill.

The bill now moves to a conference committee of the House and Senate to work on a compromise version.

Senate Republicans kept revising and rewriting the massive tax cut bill almost up to the time of the vote on final passage, finally corralling the 51 votes they needed to get it through.

Fiscal analyses of the bill show that most of the benefits are skewed to corporations and the wealthiest taxpayers. The corporate tax rate is cut from 35 percent to 20 percent and the estate tax on wealthy families like the Trumps is almost entirely eliminated.

The bill also repeals the individual mandate to buy health insurance coverage that is a key part of the Affordable Care Act. Elimination of the mandate is expected to result in 13 million more people without health insurance.

The tax bill will also add an estimated $1.5 trillion to the national debt because of the resulting reductions in federal revenues.

Georgia senators Johnny Isakson and David Perdue both voted enthusiastically for the tax cut bill.

Perdue’s vote for a bill that will add an estimated $1.5 trillion to the federal deficit contradicts his many public statements warning about the dangers of adding to the national debt.

“As a business guy, I know these tax changes will stimulate the economy and create the growth we need to solve this debt crisis,” Perdue said.

Enactment of the tax cuts will result in “putting people back to work,” Perdue said, although unemployment is already at historic low levels.

“This plan will empower Americans by allowing them to keep more of their hard-earned money rather than sending it to Washington for someone else to decide how it will be spent,” Isakson said.

“For future generations of Americans – our children and our grandchildren – this moment is critical,” Isakson said.

Democrats were not quite so enamored of the bill.

“This tax scam is an absolute betrayal of America’s working families,” said Tom Perez, chairman of the Democratic National Committee.

“While Senate Republicans allowed virtually no debate or time to even read the hundreds of pages of hastily-drafted, handwritten bill text, they did manage to add dozens of new giveaways to special interest lobbyists,” Perez said.

© 2017 by The Georgia Report

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Tags: David Perdue , Johnny Isakson , Senate tax plan