WASHINGTON (AP) — The Latest on the push in Congress to pass a sweeping tax cut bill (all times local):
Republicans in Congress have delivered an epic overhaul of U.S. tax laws to President Donald Trump, bringing generous tax cuts for corporations and the wealthiest Americans, and billions to be added to the national debt.
The $1.5 trillion package, billed as a huge boon for the middle class and a spark to economic growth, provides smaller tax cuts for middle- and low-income families.
The GOP-dominated House voted — a second time — along party lines on Wednesday to approve the complex legislation, following a narrow vote after midnight in the Senate.
The measure slashes the corporate income tax rate from 35 percent to 21 percent. The tax cuts for business are permanent, but reductions for individuals and families expire after a decade. The standard deduction used by around two-thirds of Americans will nearly double to $24,000 for married couples.
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12:05 p.m.
President Donald Trump is celebrating the GOP tax legislation, claiming it fulfills his campaign promise to repeal the Affordable Care Act.
Speaking during a Cabinet meeting, he says: “Obamacare has been repealed in this bill.”
But the bill only repeals the individual mandate, which imposes a tax penalty for failing to purchase health insurance — a significant, but small part of the law — rather than the extensive legislation passed by his predecessor.
Trump-backed GOP efforts to undo the health care legislation failed repeatedly earlier this year, and congressional lawmakers are debating needed fixes to the bill to stabilize the individual marketplace.
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11:55 a.m.
President Donald Trump is promising a news conference Wednesday afternoon after House Republicans take the final vote to approve the GOP tax cut bill.
Speaking before a Cabinet meeting, Trump calls the expected passage a “historic victory for the American people.”
Trump will host Congressional Republicans at the White House to celebrate the first major legislative victory of his administration.
Trump says the official signing ceremony will follow at a later date.
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Jubilant Republicans have pushed to the verge of the most sweeping rewrite of the nation’s tax laws in more than three decades, a deeply unpopular bill they insist Americans will learn to love when they see their paychecks in the new year. President Donald Trump cheered the lawmakers on, eager to claim his first major legislative victory.
The Senate narrowly passed the legislation on a party-line 51-48 vote early Wednesday. Protesters interrupted with chants of “kill the bill, don’t kill us” and Vice President Mike Pence repeatedly called for order. Upon passage, Republicans cheered, with Treasury Secretary Steve Mnuchin among them.
Senate Majority Leader Mitch McConnell, R-Ky., told his colleagues, “If we can’t sell this to the American people, we ought to go into another line of work,” he said
The Senate vote sets the stage for a final House vote Wednesday.
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Great titles can sell books. Bad ones can slow down tax bills in Congress — though just a bit.
The Republican $1.5 trillion tax bill will apparently take a few extra hours and a second House vote for lawmakers to send it to President Donald Trump for his signature.
That’s because the Senate parliamentarian has decided three provisions violate the chamber’s rules. They’re all minor.
Democrats say one problem is the bill’s title: “The Tax Cuts and Jobs Act.”
They say those words violate a rule barring provisions that have no impact on the budget or aren’t necessary for other sections that have a budget impact.
The House passed the bill Tuesday. It will have to vote again, probably Wednesday, after the Senate drops the provisions and approves the legislation.
2:05 p.m.
The House has passed the most sweeping rewrite of the nation’s tax laws in more than three decades. The bill now goes to the Senate for an expected vote Tuesday evening.
The House approved the bill by a mostly party line vote of 227-203. The bill represents the first major legislative victory for President Donald Trump.
The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.
The bill would nearly double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.
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2 p.m.
House Speaker Paul Ryan is hailing the Republican tax package, saying “today, we give the people of this country their money back.”
Ryan was wrapping up debate on the House floor on Tuesday ahead of the vote on the $1.5 trillion tax package. It was the realization of Ryan’s years-long work on tax policy.
Protesters disagreed.
On woman yelled from the vistors’ gallery: “You’re lying. You’re lying. Only rich will benefit.” She was escorted out of the chamber by Capitol Police.
Another woman told the Wisconsin Republican he needs to learn math.
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1:50 p.m.
Several protesters have briefly disrupted House debate on the tax bill, yelling, “kill the bill. Don’t kill us.”
Police removed the demonstrators from the visitors’ gallery and debate proceeded, with Republicans and Democrats alternating in speaking about the $1.5 trillion package.
Several Democratic lawmakers applauded. The last protester escorted out of the gallery nodded toward the Democrats and said, “thank you.” Republicans did not applaud, but several could be seen smiling.
The House was expected to pass the bill shortly.
