Talk about a legacy buster for Barack Obama, but great news for America! By a vote of 51-49 (meaning one Republican sided with Democrats), the Senate GOP passed the tax-cut bill which will repeal Obamacare’s devastating individual mandate.
From The Hill:
Senate Republicans have approved the repeal of ObamaCare’s individual mandate as part of their tax-cut bill, a major step forward toward ending an unpopular part of the healthcare law.
“Families ought to be able to make decisions about what they want to buy and what works for them –not the government,” Sen. John Barrasso (R-Wyo.) said, hailing the accomplishment.
“I believe if people don’t want to buy the Obamacare insurance, they shouldn’t have to pay a tax penalty to the IRS.”
The Senate tax bill must still be reconciled with House legislation that does not include the mandate’s repeal. But that is unlikely to be a major issue given support in the GOP conference for repealing the mandate.
No Democrats in either chamber voted for the GOP tax bills.
It’s unclear what repeal of the mandate will mean for ObamaCare.
More via BBC:
Presiding over the Senate, Vice-President Mike Pence declared the 51-49 victory to applause from Republicans in the early hours of Saturday morning.
The final draft of the bill went through several changes in order to bring reluctant Republicans on board. Republicans have a 52-48 majority in the Senate.
Under the Tax Cuts and Jobs Act, the corporate tax rate would be permanently lowered from 35% to 20%, while future foreign profits of US-based firms would be mainly exempt from tax.
We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas! pic.twitter.com/gmWTny3SfS
— Donald J. Trump (@realDonaldTrump) December 2, 2017
The bill will now head to committee. Once it passes there, President Trump will sign it into law giving Republicans a major victory to close out the year. Corporate taxes will drop from 35% to 20%, and people will keep more of their own money!