Earlier today, the U.S. House of Representatives voted to pass the tax reform bill which has been called the biggest tax cut in the country’s history by President Donald Trump. In the past, Senator Roger Wicker has stated the passage of this legislation would bring the average Mississippian an extra $1,800 per year and it would further assist Americans by lowering tax rates and doubling the standard deduction for individuals and married couples. The reform would allow a single person to deduct up to $12,000 and a married couple could deduct up to $24,000.
The bill is also aimed at reducing the amount of taxes paid by business by cutting the corporate tax from 35 percent down to 21 percent. The new tax law also states that a $10,000 cap will be placed on deductions for state and local income and sales taxes, no such provision was included in the previous tax law.
“The Tax Cuts and Jobs Act” passed in the House by a vote of 227-203.
Mississippi Congressman Steven Palazzo voted in favor of the bill and says that the time has come for a simplified tax code for Americans.
“Today marks a historic and vital legislative victory for this Congress, our President and our country. It has been 31 years since our tax code has been reformed. The American people want and need a simple, fair tax code, and I’m proud to say that is exactly what we’ve accomplished today.”
Palazzo went on to praise the President’s efforts in getting this legislation passed despite the uphill battle.
“Seven years in the making, we’ve waited for this moment to send common-sense, conservative legislation to a President that will do the right thing for the American people and sign it into law. President Trump has proven to be a true leader in the face of this daunting task. Many doubted that we could get tax reform passed, but in one year’s time we proved by taking on and successfully achieving one of the biggest legislative accomplishments, that we can work together and get the job done for the American people.”
Fox News reports that the House may have to vote one more time, but the same result is expected.
“Due to a parliamentary glitch, the House will probably have to vote one last time before the legislation can be signed.”
After the vote in the House is made final, The bill will over to the Senate for a vote. Senator Wicker feels confident that they will have the necessary votes to pass the bill on to President Trump’s desk.
“It is actually the culmination of a several year process of holding hearings and getting to this point then the House passing their version and the Senate passing ours and now we are ready to send it on to the President and I am very confident that we will have the votes to do that,” Wicker said.”
If the bill is passed in the coming days, it will be signed before the congressional recess.