WASHINGTON (AP) – After weeks of quarrels, qualms and then eleventh-hour horse-trading, Republicans revealed their huge national tax rewrite late Friday – along with announcements of support that all but guarantee approval next week in time to give President Donald Trump the Christmas legislative triumph he’s been aching for.
The legislation would slash tax rates for big business and lower levies on the richest Americans in a massive $1.5 trillion bill that the GOP plans to muscle through Congress before its year-end break. Benefits for most other taxpayers would be smaller.
“This is happening. Tax reform under Republican control of Washington is happening,” House Speaker Paul Ryan of Wisconsin told rank-and-file members in a conference call. “Most critics out there didn’t think it could happen. … And now we’re on the doorstep of something truly historic.”
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 debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections.