US Senate follows the House in approving first major tax overhall since 1980s

The United States Senate on Saturday approved the tax reform legislation by a vote of 51 to 49.
Following its passage just after 2:00 am on December 2, President Donald Trump took to Twitter to express he thoughts on the Senate’s decision
President Trump tweeted, “Biggest Tax Bill and Tax Cuts in history just passed in the Senate. Now these great Republicans will be going for final passage. Thank you to House and Senate Republicans for your hard work and commitment!”
The bill next heads to conference, where the House and Senate negotiators will work out the differences in their bills. The House passed their tax reform bill last month.
Louisiana’s US Senator John Kennedy (R), who voted in favor of the Tax Cuts and Jobs Act, released a statement following the Senates vote and shared that “Louisiana will see an increase of 12,611 new jobs and the average family will gain $1,857 in after-tax income.”
In the freshman senator’s release, he stated, “This bill is about three things: tax cuts, jobs, and more jobs. It doesn’t take an expert to see what’s stalling the American economy: middle-class families need to see more of their hard-earned dollars in their bank accounts. This bill gives them that while allowing American job creators the freedom and flexibility they need to increase wages and create jobs.”
The Senate’s tax reform bill will include changes to the standard deduction for an individual and for a married couple. Individuals will go from having a standard deduction of $6,350 to $12,000, while a married couple will go from $12,700 to $24,000.
Another major change will affect the child tax credit by doubling it from $1,000 to $2,000. Along with this, more parents will now be allowed to claim the credit then in the past.
The bill is also said to lower tax rates for middle-income American from 22.5 percent to 22 pct., 25 pct. to 24 pct., and 32.5 pct. to 32 pct.
In Senator Kennedy’s release, it states that along with these changes, Obamacare’s Individual Mandate will be repealed.
The released stated, “Repealing this unpopular tax will help provide additional relief to low- and middle-income families.”
The passage of the tax reform bill marks the first major triumph for the Trump administration since the president took office January of this year.