Details Still Emerging After Senate Passes GOP Tax Bill
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WASHINGTON (CBSMiami) -- Monday morning, more information is coming out regarding the tax overhaul passed by Senate Republicans over the weekend.
President Trump is expected to get the final bill by Christmas.
Senator Bob Corker from Tennessee was the lone Republican who voted against the legislation.
Some Democrats say the only good thing about the bill is that it's not law yet.
Republicans hailed their $1.5 trillion tax bill as a victory for the middle class.
"Ordinary, hard-working Americans will pay less and it will be simpler for them to pay," said Mick Mulvaney, Director of the Office of Management and Budget.
The bill cuts to the corporate tax rate from 35% to 20% but individuals and families would get a temporary tax-cut.
On average, a family of four earning $75,000 would see its $2200 benefit disappear by 2025.
The bill could hurt people living in higher taxed states, many of them democratic-leaning, because state income tax will no longer be deductible.
The senate legislation also kills Obamacare's individual mandate.
Democrats criticized its hasty final drafting.
"Some of the pages were completely crossed off and text has been replaced by handwritten notes," Sen. Chuck Schumer said on the Senate floor.
Last minute additions include: an amendment that spares cruise lines from paying higher taxes, and another that opens up part of the arctic national wildlife refuge to drilling, something environmentalists have long opposed.
Now the Senate and House bills need to be combined, a final step that could test the very narrow senate majority.
Congress will begin setting up that conference committee sometime Monday.
An amendment added to the bill by Sen. Ted Cruz from Texas will allow funds from 529 college savings accounts to be used towards tuition for K-12 school.
The amendment was adopted after Vice President Pence broke a 50-50 tie.
Some Economists project the tax reform plan will add at least $1 trillion to the national debt.
Republicans dispute that claim.
