Tax Reform Ready

President Trump and the GOP are celebrating their first major legislative victory.

Republicans said they’d do it, and they did, successfully overhauling the United States tax code. The bill offers permanent tax cuts for businesses, and smaller, temporary cuts for individual tax rates. Reaction to the reform bill is mirroring how the vote went. Democrats ask how republicans explain adding to the deficit, when the GOP typically favors fiscal conservatism. Republicans are counting on middle class tax savings from the elimination of the tax penalty tied to the Obamacare individual mandate to be funneled back into the economy. It’s the dismantling of the Affordable Care Act’s foundation that gave the President reason for another victory lap. The timetable for when President Trump will actually sign the tax overhaul into law is unknown.