The Latest on the push in Congress to pass a sweeping tax cut bill (all times local):
WASHINGTON (AP) – The Latest on the push in Congress to pass a sweeping tax cut bill (all times local):
8:45 a.m.
White House press secretary Sarah Huckabee Sanders says the tax overhaul legislation facing votes today in Congress is a „huge deal for America.“
Speaking on „Fox and Friends“ Tuesday, Sanders said, „Today is a huge day, not just for the White House, not just for Congress but most importantly for America.“
Sanders said middle class Americans will „see the biggest benefit out of this tax package.“
The sweeping $1.5 trillion tax bill slashes the tax rate for corporations from 35 percent to 21 percent and reduces taxes on the wealthiest Americans, while making more modest tax reductions for most others.
It’s not expected to win any Democratic votes. Speaking in front of the White House, she said Democratic lawmakers should have been „banging down the door of the building behind me to be part of this process.“
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6:40 a.m.
President Donald Trump is hailing the performance of the stock market as the House and Senate brace for votes that majority Republicans are confident will produce the most far-reaching overhaul of the U. S. tax code in decades.
In an early morning tweet Tuesday, Trump savors what would be his biggest legislative accomplishment as president, and says „DOW RISES 5000 POINTS ON THE YEAR FOR THE FIRST TIME EVER – MAKE AMERICA GREAT AGAIN!“
He also says, „Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size.“
The president adds, „Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy. And create many beautiful JOBS!“
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3:55 a.m.
Their long-sought political goal within grasp, Republicans in Congress are set to catapult sweeping $1.5 trillion tax legislation through the House, rolling over a dozen GOP defectors from high-tax states.
The Republicans‘ final drive to deliver the tax package to an eager President Donald Trump begins Tuesday with a vote in the House. Quickly following, a vote later in the day or on Wednesday in the Senate is expected to seal the deal. Both tallies likely will cling along party lines.
The Senate result was in doubt in recent weeks. Only on Friday did Republican leaders cement the needed support for the legislation, securing endorsements from wavering GOP senators Marco Rubio of Florida and Bob Corker of Tennessee. More holdout GOP senators- moderate Susan Collins of Maine and Mike Lee of Utah – came into the fold on Monday.
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