U.S. Senate passes budget measure GOP tax plan
By: Annie Yager, Xiro Xone News October 19, 2017 Updated: 8:30 AM
Thursday, Senate Republicans passed a budget setting the stage for the GOP's long awaited goal of tax reform.
The plan passed along both sides of the aisle, with 51 Republicans voting in favor of the bill, and all Democrats voting against it.
“We have a once in a lifetime opportunity to replace America’s failing tax codes,” Senate Majority Leader Mitch McConnell said on the Senate floor after the bill was approved.
President Trump praises his tax reform package, which includes big corporate tax cuts, as a pillar of his economic policy which democrats have been strongly against.
“This nasty and backwards budget greenlights cuts to Medicare and Medicaid in order to give a tax break to big corporations and the wealthiest Americans,” Senate Minority Leader Chuck Schumer, D-N.Y., said.
Now the stage is set for debate later this year to overhaul the U.S. tax code for the first time in three decades.
Kentucky Senator Rand Paul was the only Republican who opposed the measure.
“I could not in good conscience vote for a budget that ignores spending caps that have been the law of the land for years and simply pretend it didn’t matter,” Paul said in a statement.
The White House released the following statement soon after the measure was passed : "President Donald J. Trump applauds the Senate for passing its FY 2018 Budget Resolution today and taking an important step in advancing the Administration’s pro-growth and pro-jobs legislative agenda. This resolution creates a pathway to unleash the potential of the American economy through tax reform and tax cuts, simplifying the overcomplicated tax code, providing financial relief for families across the country, and making American businesses globally competitive. President Trump looks forward to final enactment of the Fiscal Year 2018 budget resolution so we can bring jobs back to our country."
With the first hurdle cleared it now needs to House approval.