Senate passes tax reform

Source: KCRG

WASHINGTON, D.C. (AP) -- UPDATE: Both Senator Chuck Grassley and Senator Joni Ernst have issued statements on the bill's passage.

Sen. Grassley wrote in part, "Its passage is good news for working families, U.S. jobs and industry and an economy that was stagnant for far too long. It will let Iowans keep more of their own money, so they can choose how best to spend what they’ve earned. Wages will also grow and jobs will return to our shores as a result of making American industry and workers more globally competitive."

In her statement, Sen. Ernst wrote, "We are one step closer to helping hardworking, lower-and middle-income Iowans keep more of what they’ve earned. This tax reform package will also strengthen our economy and ensure job creators of all sizes see relief from an overly-complicated tax code."

Senate Republicans have passed the most sweeping rewrite of the nation's tax laws in more than three decades, setting the stage for a final House vote Wednesday.

The House passed the bill earlier Tuesday. But the Senate had to make minor changes so the bill would comply with Senate budget rules.

The Senate vote was 51-48 on early Wednesday, with all Republicans in favor and all Democrats opposed.

Rewriting the tax code has been a longtime goal of Republicans and an effort championed by President Donald Trump.

Democrats complain that the package is a giveaway to corporations and the rich.

The tax cuts total nearly $1.5 trillion over the next decade and would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.