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Trump predicts economic upturn in the final tax bill heads to house, Senate

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President Trump makes closing argument for the GOP-tax-plan

The President said: “huge tax cut for Christmas’ to breathe new life into the U.S. economy, providing more jobs and higher wages, and massive tax cuts for American families and businesses.

President Trump said on Tuesday ahead of the already humming US economy is going to be a big boost, as the final version, the $1.5 trillion Republican tax bill heads to the floors of the house and the Senate.

“Stocks and the economy have a long way to go, after the Tax Cut Bill is totally understood and appreciated in terms of scope and size,” Trump tweeted. “Immediately expensing will have a big impact. Largest tax cuts and the Reform EVER passed. Enjoy and create many beautiful JOBS!”

Stocks and the economy have a long way to go, after the Tax Cut Bill is totally understood and appreciated in terms of scope and size. Immediate expensing will have a big impact. Largest tax cuts and the Reform EVER passed. Enjoy and create many beautiful JOBS!

— Donald J. Trump (@realDonaldTrump) December 19, 2017

The bill, which Trump hopes, on his Desk in a matter of hours to deliver a “huge tax cut for Christmas,” could happen Tuesday. It would mark the first major legislative victory of a Trump presidency.

“It is a great thing, but not only for the White house. It is a great thing for America,” White House Press Secretary Sarah Sanders said on “Fox & Friends” Tuesday morning, claiming to go to middle-class Americans “in order to see the benefits of this tax package.”

“The fact that we pushed these taxes have to be lowered, this tax reform package – you’re really going to see that in our economy — our economy. Optimism is,” said Sanders.

As of Monday, Senate Republicans garnered just enough to pass support for the bill had the votes of flipping both Sens. Susan Collins, R – Maine, and Mike Lee, R-Utah, Yes.

“The first major overhaul of our tax code, said that since 1986, this legislation is tax relief for working families, creating jobs here in America and economic growth for the benefit of all Americans,” Collins on the Senate floor Monday.

Republicans Sens. Susan Collins, left, and Mike Lee, right, on the mirrored ‘no’, ‘yes’ votes on the GOP tax plan on Monday.

(AP)

Only one member of the Senate GOP is not yet on Board – Sen. Jeff Flake of Arizona, said he was still “a look at the bill, read the bill, yet on some other issues.”

Sen. John McCain, R-Ariz., will not be voted to be present for Tuesday, as he fights back to his home state for rehabilitation, such as brain tumor.

The Republicans have a simple majority of the 99 senators present at the vote.

On the house side, the Republicans only lose 22 votes can approve the invoice.

Senate Majority Leader Mitch McConnell, R-Ky., has enough GOP gained support for the tax debt. Vice President Pence, the tie-breaking vote is cast, if needed.

(AP)

This week, a dozen Republican lawmakers the change from ‘no’ to ‘yes’ votes — especially from high-tax States like New York, New Jersey and California. Twelve of them voted against the house tax bill last month that passed 227-205, due to the $10,000 cap on the state and local property taxes. The cap, which is important for taxpayers in high-tax States, remains in the final bill.

Chairman of the house ways and means Committee, Rep. Kevin Brady, R-Texas, and speaker of the house of representatives Paul Ryan, R-Wis., on Capitol Hill the introduction of the house tax bill this fall.

(AP)

Rep. Peter king, R-New York state, said he would vote no on the final bill, namely, its voters are dissatisfied.

“It certainly is unpopular in my district,” king said.

Democrats in both chambers, however, have been drafting a Laundry list of criticisms about the bill, according to the group, was excluded from the closed-door sessions. Democrats continue to slam the legislation as large companies and wealthy Americans and hurt middle-class Americans.

“This is a President who has said many times to work before he is ready to work with Democrats, he wants to. work with Democrats,” Sanders said on Tuesday, noting that Democratic Sens. Dick Durbin and Joe Manchin were, among other things, in the White house on Monday evening “This is a President who would surely be glad of your voice.”

Sanders noted that, “more money for the Americans in their pockets” is not something to be Democrats, “asked to be a part of.”

The last statement is a combination of elements from both the house and Senate bills that were passed recently. The bill, the tax rate of 35 per cent cut to 21 per cent. The bill doubles the standard deduction used by about two-thirds of U.S. households, to $24,000 for married couples, which would sunset in eight years, along with tax cuts for the individual—both expire in 2026.

The bill also serves the per-child tax credit from $1,000 to $2,000 per child, with up to 1,400 USD available to the refunds for families with debt who have little or no control.

The law abolishes a major part of ObamaCare, the requirement that all Americans have health insurance or face a penalty.

The bill would average for the first tax cuts for Americans across all income lines, but by 2027, it increase would average charges for each earn up to $75,000. Non-partisan congressional tax analysts, The joint Committee on taxation calculates that in the year 2019, people earning $20,000 to $50,000 would see tax cuts of an average of 10 percent or more. This will make the $200,000 to $1 million reductions would, on average, a little less.

But in 2023, people who would see $ 30,000 to be increases in tax, while those who would like to earn more, find your tax cuts smaller.

But Republican leaders have set aside negative projections, and Chairman of the house ways and means Committee, Rep. Kevin Brady, R-Texas, said: “this is just cherry-picking the numbers.”

“The people are said enthusiastically, a stronger economy and a bigger paycheck,” Brady.

The bill on the House floor on Tuesday with a vote expected Wednesday afternoon. The Senate is expected to vote on the bill late Tuesday into early Wednesday.

Fox News’ Chad Pergram and Barnini Chakraborty and The Associated Press contributed to this report.

Brooke Singman is a political Reporter for Fox News. You can follow her on Twitter at @Brooke FoxNews.

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