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00:00:00
>> But it's the largest tax cut in the history of our country and reform.>> Republicans passed their sweeping overhaul of the US tax code through Congress. Securing their first big legislative victory since President Trump took office.>> It's always a lot of fun when you win.>> I'm Andy Sullivan in Washington.
00:00:17
Republicans and the White House can finally break out the champagne. Now that both chambers of Congress have passed the biggest tax cut package in decades. Sending it on to President Trump to sign into law. Starting January 1st, US businesses will see a sharp drop in their tax burden.
00:00:33
And most American households will see some sort of temporary tax cut as well. Republicans say this will kick the economy into high gear. But more fundamentally, it's a big step forward in their long term goal of reducing the size and scope of American government. House Speaker Paul Ryan celebrated after the House passed the package, reaching a goal he has pursued for years.
00:00:54
The final vote Wednesday, a do-over of sorts, after a procedural glitch invalidated the chamber's earlier vote.>> To the families in America who have been struggling, your tax rates are going down and your paychecks are going up. This is the kind of relief that Americans deserve.>> The Senate passed the bill early Wednesday morning, along strict party lines, with Democrats, as they did in the House, all voting no.
00:01:15
Democrats have blasted the plan as a giveaway to the rich.>> The GOP tax scam is a monumental con job. Independent analysts finding that businesses and wealthy Americans will get the lion's share of tax cuts. The plan is expected to add at least $1 trillion to the national debt.
00:01:31
But Republicans argue that will be partially offset by more robust economic growth.>> So Republicans have delivered on a central campaign promise. Now they've got to convince the public that these tax cuts will help them personally. Polls show that most Americans still harbor serious doubts. Republicans hope they will change their minds once they start seeing more money in their paychecks in the months to come.
00:01:53
With the 2018 elections fast approaching. They've got to convince Americans that this political victory will deliver personal benefits in the years to come.