Republicans Celebrate All-But-Certain Tax Victory

CAPITOL HILL — 

Republicans celebrated the all-but-certain passage of a U.S. tax overhaul on Wednesday, the first major legislative victory of Donald Trump’s presidency.

“After years of work, we are going to enact the most sweeping, pro-growth overhaul of our tax code in a generation,” House Speaker Paul Ryan said in a statement. “Americans are going to see relief almost immediately in the form of bigger paychecks and lower taxes.”

The Tax Cuts and Jobs Act passed both the House of Representatives and the Senate with overwhelming Republican backing and unified Democratic opposition. After a technical House vote expected in coming hours, the bill goes to the White House, where Trump has scheduled a news conference.

The bill permanently slashes corporate taxes, temporarily cuts taxes paid by American wage and salary earners, caps popular tax deductions, and hikes the U.S. national debt by at least $1 trillion over a decade.

WATCH: Congress Vote on Tax Bill

Democrats slammed the legislation as mortgaging America's future at home and abroad in order to pad the pockets of the wealthy.

“Yet again, Republicans showed their only priority is to give the richest few a bigger piece of the pie,” Senate minority Leader Chuck Schumer, a New York Democrat, tweeted. “I believe the entire Republican Party will come to rue the day they voted for the #GOPTaxScam.”

“We are challenged by 16 years of war, which we have made no attempt to pay for, and [with this bill] we are putting our national security behind benefits for the wealthiest Americans,” the ranking Democrat on the Senate Armed Services Committee, Jack Reed of Rhode Island, said.

By contrast, Republicans jubilantly argued the tax cuts will rev up the U.S. economy and make American businesses more competitive at home and abroad.

“Countries around the globe are getting the message loud and clear that America is committed to leading in the 21st century,” South Dakota Senator John Thune said. “We're committed to leading when it comes to innovation and growth. We're committed to leading when it comes to ensuring that American companies can stay here and compete and keep jobs here against foreign competition."

“Our tax code has hampered job creation, wage growth, investment in the United States, and has chased American companies to foreign shores. I don’t know how it could be more harmful,” Senate Finance Committee Chairman Orrin Hatch of Utah said. “The bill before us will address these problems and help us turn the ship around.”

The nonpartisan Tax Policy Center concluded the bill would cut taxes for 95 percent of Americans next year, but average cuts for top earners would greatly exceed reductions for people earning less.

The legislation also partially repeals former President Barack Obama's signature health care law, eliminating the requirement that Americans purchase health care insurance. As a result, some 13 million fewer Americans would be insured over the next decade, according to the Congressional Budget Office.

Some Democrats noted that the president, a real estate mogul, could benefit greatly from certain provisions in the bill. Trump has insisted the change in tax law would cost him money.

Public opinion polls consistently showed more Americans opposing than backing the bill. Several Republican lawmakers have blamed the news media, saying reporters misrepresented the tax bill and downplayed its potential benefits.

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