Republicans Celebrate Tax Reform Passage as Focus Turns to Must-Pass Spending Bill

Abigail Robertson : Dec 21, 2017
CBN News

The bill still needs President Trump's signature and the president may not sign it until early January. Any new law that increases the deficit requires automatic spending cuts. Republicans hope to wave that rule before the end of the year. If not, Trump would sign it in 2018, which would give the GOP another year to figure out how to avoid the automatic cuts.

(Capitol Hill)—[CBN News] More take-home pay will soon hit the paychecks of millions of American workers. It's just a presidential signature away now that both houses of Congress passed the tax reform legislation. (Photo: via CBN News)

Republican lawmakers' spirits are high after they successfully handed President Trump his biggest legislative victory to date with overhauling the tax code.

"Hasn't been done in 34 years, but actually hasn't been done because we broke every record," Trump said. "It's the largest I always say the most massive. The largest tax cut in the history of our country and reform but tax cut."

After Wednesday's House approval, GOP lawmakers loaded into buses and headed to the White House for a tax reform victory party.

"This is the kind of relief American's deserve," said House Speaker Paul Ryan, R-WI. "This is the kind of tax reform and tax cuts that get our economy growing to reach its potential."

Republicans like U.S. Rep. Robert Pittenger, R-NC, believe this bill will lead to historic economic growth.

"I think it will be transformational much as it was in 1986 with the Reagan tax cuts," he said. "We saw enormous growth in jobs, as well as an increase in wages."

Many in the corporate world agree. AT&T and Boeing will give employee bonuses to celebrate the corporate tax rate falling from 35 to 21 percent.

Bloomberg Tweeted:
AT&T says it'll give more than 200,000 workers a $1,000 bonus to celebrate the tax bill

Jim Tankersley Tweeted:
AT&T CEO tells employees they will get a $1,000 Christmas bonus if Trump signs the bill in time.
(If he waits, as reported, the bonus just arrives later)

The Boeing Company tweeted:
#Boeing announces $300M employee-related and charitable investment as a result of #TaxReform legislation to support our heroes, our homes and our future.

However, Democrats argue only the rich will benefit.

Nancy Pelosi Tweeted:
No hearing. No expert testimony. No listening to the American people. That has been the story of the #GOPTaxScam.

"The naysayers are always there, they were there with the Reagan cuts," he explained. "At the time of the Reagan cuts, only 18% of the people believed they were getting a cut. Most of the rest of them believed they were getting a tax increase. That's the kind of misinformation that's out there in the marketplace.

The congressman from North Carolina believes Americans will see the benefits starting in February.

"An average family that makes $70,000 a year, they're going to get about a $2,000 tax cut out of this directly back to their pocket," he said.

The bill still needs President Trump's signature and the president may not sign it until early January. Any new law that increases the deficit requires automatic spending cuts.

Republicans hope to wave that rule before the end of the year. If not, Trump would sign it in 2018, which would give the GOP another year to figure out how to avoid the automatic cuts.

Lawmakers also face a potential government shutdown if they don't quickly move to fund the government into next year.

Republicans hope to reach a spending compromise by Friday or their tax reform victory will be short-lived.