\n
But Republicans argue the tax cuts for corporations, small businesses and individuals will boost economic growth.<\/p>\n
Vice-President Mike Pence presided over the vote and announced the result.<\/p>\n
\u201cOn this vote the ayes are 51, the nays are 48. The Tax Cuts and Jobs Act is passed,\u201d he said.<\/p>\n
Shortly before the final tally was announced, protesters in the Senate\u2019s public gallery shouted \u201ckill the bill\u201d. They were escorted out.<\/p>\n
Democrat leader Chuck Schumer warned Republicans that they would pay a price for the \u201cawful legislation\u201d in next year\u2019s mid-term elections.<\/p>\n
\u201cThe substance and polling are so rotten that a year from now Republicans will be running from this bill in shame for voting yes this evening,\u201d he said.<\/p>\n
Earlier, 12 Republicans and all Democratic members of the House of Representatives opposed the bill but it passed by 227 votes to 203, to loud cheers and applause from Republicans in the chamber.<\/p>\n
Speaker Paul Ryan said: \u201cToday we are giving the people of this country their money back. This is their money after all!\u201d<\/p>\n
Due to a procedural glitch, the House will have to vote again on Wednesday morning before the bill can be signed into law by President Trump.<\/p>\n
The bill permanently cuts the tax rate for corporations from 35% to 21% and also lowers individual tax rates, albeit temporarily.<\/p>\n
Other key elements include:<\/p>\n
\n- Less inheritance tax<\/li>\n
- An expanded child tax credit<\/li>\n
- Lower taxes on overseas profits<\/li>\n<\/ul>\n
However, the non-partisan Joint Committee on Taxation says the legislation will add as much as $1.4tn to the $20tn national debt over 10 years.<\/p>\n<\/div>\n<\/div>\n