Senate Approves New Tax Reform

Todd Qiu, Treasurer

The Senate passed a budget resolution that will allow for tax cuts . It passed by 51 votes to 49, with most senators voting along their party lines. The Republican majority were able to pass the resolution, with tax cuts a major part of their platform.

The reform has been highly polarizing. Republicans in the Senate believe that lowering taxes will give Americans more money to spend, save and invest, making their lives easier and helping the economy. “Tax reform is all about getting America going and growing again. It aims to take money out of Washington’s pockets and put more in middle class pockets.” said Senate Majority Leader Mitch McConell of Kentucky.

Democrats universally voted against the reform under the belief that the tax reform disproportionately helps the wealthy. Instead of helping the middle-class as the republicans intend, Senate Minority Leader Chuck Schumer of New York claim that it mostly help the wealthy and hurts the middle-class in the long run.

The path being cleared for tax cuts and reform is a victory for the GOP who have promised cuts. This comes after a recent faliure by the Republicans to legislate healthcare reform, another one of their top priorities, earlier this year.