US Senate passes historic tax reform legislation

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The U.S. Senate passed the most historic rewrite of the nation’s tax laws in more than three decades Tuesday night by a 51-48 vote.

The product of years of discussion, weeks of committee consideration and hours of floor debate, H.R. 1, the Tax Cuts and Jobs Act, will lower individual, small business, and corporate tax rates, double the standard deduction, repeal the Obamacare individual mandate, simplify the tax code, and dramatically increase the child tax credit.

The Senate-passed report will receive a final vote in the House Wednesday morning before being sent to the White House for President Donald Trump’s signature.

Alabama’s senior U.S. Sen. Richard Shelby voted in favor of the legislation, saying its passage will help put money back in the pockets of the middle-class Americans who have earned it.

Richard Shelby yes vote“The Senate today passed historic legislation to deliver pro-growth, middle-class tax relief to the American people.  This bill not only lowers individual and corporate tax rates, lightening the burden on small businesses, but it works to revitalize our economy – impacting current and future generations to come.  Across the nation, this legislation will help create jobs, increase paychecks, and make the tax code simpler and fairer,” said Shelby. “I am proud that we are able to work together to fulfill our commitment to deliver real tax reform and put money back in the pockets of the middle-class Americans who have earned it.  This is a once-in-a-generation opportunity to change Americans’ lives for the better.”

Alabama’s outgoing U.S. Sen. Luther Strange also voted in favor of the bill.

Luther Strange_Yes Vote“Tax relief is not pie in the sky. Today, it becomes reality for the American families working hard to make ends meet,” said Strange. “It becomes reality for the small businesses that serve as cornerstones of our communities. It becomes reality for job creators who know the power of American industry. Getting tax relief accomplished is the reason I came to Washington, and on behalf of Alabama, I was proud to cast my vote tonight.”

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