For the first time in three decades, lawmakers are one step closer to enacting a major overhaul of the U.S. tax system.
Senators voted in favor of a Republican tax plan early Saturday morning.
The vote was 51-49, largely along party lines, with all Democrats voting against it. One Republican Senator, Bob Corker, voted no as well.
President Trump tweeted Saturday, "We are one step closer to delivering massive tax cuts for working families."
We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas! pic.twitter.com/gmWTny3SfS— Donald J. Trump (@realDonaldTrump) December 2, 2017
The Senate bill still needs to be reconciled with the House plan for tax reform. Meetings about that will start Monday.
Republican U.S. Sen. Pat Toomey calls it a pro-growth tax reform bill.
“Our bill directly lowers the tax burden for middle income families and fundamentally restructures the business tax code so American workers and businesses can compete globally. It transforms one of the world’s worst business tax codes into one of the most competitive, making it easier for entrepreneurs to start new businesses and giving employers greater incentives to buy new capital equipment and bring operations home from overseas. I am confident these reforms will unleash a surge in economic growth and job creation," he said in a statement.
But Toomey's Democratic counterpart, U.S. Sen. Bob Casey, says the plan is a "windfall for the wealthy."
"This is an insult to the many middle class families in Pennsylvania who will pay more in taxes under this scheme while the super-rich and big corporations get a windfall. Congress should be working in a bipartisan way to make our tax system simpler and fairer, but the Senate Republican plan does just the opposite," Casey said, in part.
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