One of the most important provisions in the GOP’s plan for a tax overhaul is a big cut to the corporate tax rate. The legislation would slash the corporate tax rate from 35 percent to 20 percent.
“That is huge,” Glenn said on today’s show. “If Trump signs this into law … you’ll see a boom to the economy.”
The bill passed in the Senate on Friday and next needs to return to the House for a vote. Republicans are under pressure to merge the Senate and House’s respective plans for tax reform before the end of the year.
EDITOR'S NOTE: This article provided courtesy of TheBlaze.
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This is a rush transcript and may contain errors.
GLENN: While you were sleeping in the early morning hours of Saturday, the Senate passed the final version of its tax bill. Senate voted 51-49, with Senator Bob Corker as the lone Republican against it. President big takeaway from the bill is the plan would reduce the corporate tax rate from 35 percent to 20 percent. That is huge. That is — if that actually goes through and happens, if Trump signs this into law, you’re going to see — you’ll see a boom to the economy.
Now, Trump apparently is already walking away from the 20 percent after the bill passed. He told reporters, you know, it could be 22 when it all comes out. It could also be 20. We’ll see.
The difference between the two percentage points? $200 billion. The passage of the Senate tax bill is a step in the right direction, for the most part. But the House and the Senate still have to hash out the differences in their plans. Have no idea what the final version is going to be right now. But cutting the corporate tax rate is good. I wish he was giving money to, you know, everyday people as well. It’s the hasty way Congress is dealing with bills now.
It kind of stinks of the Obama-era politics, passing bills in the cover of darkness at 2:00 a.m. on a Saturday. And only after the details of the plan are kind of released in a shady sort of way. Kind of like, I don’t even know what they’re voting on.
The Republicans are desperately trying to comply with Trump’s demand to sign anything of substance by the end of the year. Not a good reason to pass a bill. But I’m hoping the bill will be good for the country. But thing is for sure: Unless we do something about it, Congress will continue to act as if we’re all asleep.