Late Friday night, the Senate joined the House in passing its tax reform framework, the Tax Cuts and Jobs Act, in a 51-49 vote.
More than 100 economists support the Tax Cuts and Jobs Act and say it will accelerate economic growth, increase wages, and lead to more jobs, according to a letter the economists wrote to members of Congress.
The Senate’s Tax Cuts and Jobs Act will reduce taxes for most households and will give the biggest cuts to those with moderate incomes and those with children, according to an analysis from the Tax Foundation.
Americans’ worry about the economy are at the lowest level seen in 18 years, according to a poll from Gallup.
States with lower taxes on businesses and personal income have higher economic growth, according to an economist at the American Legislative Exchange Council.
On Thursday, the House of Representatives passed its tax reform framework, the Tax Cuts and Jobs Act, in a 227-205 vote.
The Senate’s version of the Tax Cuts and Jobs Act would create roughly 925,000 new jobs and increase gross domestic product by 3.7 percent, according to an analysis from the nonpartisan Tax Foundation.
Senate Republicans are considering repealing Obamacare’s individual mandate, which requires that Americans have health care coverage or pay a fine to the IRS, in their tax reform legislation, CNBC reported.
A massive surge in Medicaid enrollment is leading to an increase in government dependency and crowding out funding for those vulnerable individuals who truly need the program, according to a report from the Foundation for Government Accountability.
There are 5.8 million uninsured individuals who could purchase an Obamacare plan for less than the cost of the penalty for not having health insurance, according to a report from Kaiser Family Foundation.