The top Democrat on the House Ways and Means Committee, which drafted the bill, said Republicans falsely promised their revision would simplify taxes so much that it would allow people to file taxes on a postcard.
House will be forced to vote for a second time on the massive GOP tax bill due to after a Senate rule forced Republicans to change their bill, hours after House leaders celebrated what appeared to be a massive legislative victory.
The House is on track to pass the bill Tuesday afternoon, sending it to the Senate for an expected vote Tuesday evening. In 2018, the center estimates, the average household would get a tax cut of $1,610, but the average household earning more than $1 million would get a tax cut of almost $70,000.
The biggest winners are business owners, corporate shareholders, and many workers who will see reduced tax withholding from their paychecks. It was the realization of Ryan's years-long work on tax policy. They were removed from the gallery by the sergeant-at-arms.
Democrats say the bill will widen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion US national debt. In the years immediately following passage of this bill, Americans earning between $20,000 and $30,000 will experience a 13.5 percent tax cut compared with an eight percent tax cut for the average American. The bill would reduce taxes by about $1,600 on average in 2018, with the biggest benefit going to households making between $308,000 and $733,000, according to a recent analysis by the Tax Policy Center.
Speaker Ryan was not concerned about the bill's unpopularity.
The U.S. House of Representatives on Tuesday signed off on a $1.5 trillion tax overhaul that Republican advocates say will cut taxes for individuals and companies, and boost job creation, investments and economic growth.
The House passed the final tax reform plan Tuesday, moving a sharp reduction in the corporate tax rate for banks and other businesses to within a couple of steps of becoming law.
"That's just cherry-picking the numbers", Brady said. Speaking in front of the White House, she said Democratic lawmakers should have been "banging down the door of the building behind me to be part of this process".
The Tax Cuts and Jobs Act (TCJA) will now be sent to the Senate. Quickly following, a vote later in the day or on Wednesday in the Senate is expected to seal the deal.
GOP holdouts, Senators Susan Collins (R-Maine), Mike Lee (R-Utah), and Marco Rubio (R-Florida) announced they will vote in favor, after securing concessions from fellow lawmakers. John McCain, who is in Arizona receiving care for complications from his cancer treatment, is not expected to be in Washington to vote for the bill, bringing Republicans' vote total to 51.