This bill, known as the Tax Cuts and Jobs Act (H.R. 1), would slash the corporate income-tax rate from 35 percent to 21 percent, cut individual income-tax rates through 2025, and effectively eliminate the tax penalty on Americans who do not purchase health insurance by reducing the penalty amount to zero. The latter was a cornerstone of the 2010 ObamaCare legislation.
The Senate passed the final version of H.R. 1 on December 20, 2017 by a vote of 51 to 48 (Roll Call 323). We have assigned pluses to the yeas because the tax cuts in this bill will keep more money in the hands of American businesses and consumers, where it can be invested into the economy, thus spurring economic growth. Unfortunately, however, the bill does not address federal spending, which needs to be reined in via other legislation.
