The bill includes tremendous tax breaks for corporations and the ultra-rich and adds $1.4 billion to the deficit for everyone else. It passed a vote in the Senate early Wednesday morning along party lines, reports CNBC. All 51 Republicans voted for it and all 48 Democrats voted against it.
The bill does reduce taxes for some middle Americans–but those tax breaks expire in 2025, unlike the corporate tax breaks, which are permanent (but hey, you gotta have something in the bill–at least for a little bit before you take it away again–for the commoners, right?). On Tuesday, the House passed the bill, but due to some procedural errors they’ll need to vote on it again today. After they do, Trump is expected to sign the bill into law right away.
So much for draining the swamp, right?MG