The tax bill approved by Congress is ready for President Trump’s signature in what’s shaping up to be a major victory for the president – and the first major tax overhaul since 1986.
The bill passed the Senate on Wednesday morning as well as the House, which held a second vote after a procedural hiccup marred the first.
Trump backed the bill as a necessary step towards job creation in America, and a major first step towards dismantling Obamacare as it removes the individual mandate.
Obamacare had imposed a substantial tax penalty – the individual mandate – on Americans who refused to purchase skyrocketing health insurance premiums. The tax bill eliminated that mandate.
“The bottom line: The current tax code is a burden on American taxpayers and harmful to job-creators,” the White House stated in a press release. “It has grown so out of control in length and complexity that many Americans must rely on professional help to file even the simplest return.”
“Our outdated code also makes U.S. businesses uncompetitive and incentivizes companies to move abroad or offshore our country’s jobs.”
And to highlight GOP opposition to their own president, the tax bill marks Trump’s first major legislative victory despite Republican control of Congress.