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Republicans Pass Sweeping Tax Rewrite 51-49 - The New York Times

posted onDecember 2, 2017
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Article snippet: Right Now: The Senate voted 51-49 to approve the Republican tax bill. • Republicans passed the nearly $1.5 trillion tax rewrite along party lines. One Republican, Senator Bob Corker of Tennessee, voted against the bill. • Vice President Mike Pence provided a tiebreaking vote to pass an amendment offered by Senator Ted Cruz of Texas, which would allow people to use up to $10,000 a year from tax-advantaged 529 savings accounts to fund tuition at private and religious K-12 schools or certain educational expenses for home-schooled students. • Democrats are crying foul over getting a revised, nearly 500-page bill just hours before being asked to vote on it. • The revised bill includes a significant number of changes, including a modified version of the alternative minimum tax on wealthy individuals. Check out our live tracker to see how lawmakers voted on some of the amendments. • The Senate rejected an amendment offered by Senators Marco Rubio of Florida and Mike Lee of Utah, both Republicans, that would have increased the child tax credit for low-income families and pay for it by nudging up the corporate tax rate. • The Congressional Budget Office released a truncated estimate late Friday for the revised Senate tax bill, finding it would amount to a tax cut of just under $1.5 trillion over 10 years. That finding enables the bill to pass under Senate rules for the budget reconciliation process. The Senate passed the Republicans’ sweeping tax overhaul with several ho... Link to the full article to read more

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