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Investment guru Steve Forbes predicts to Newsmax TV that President Donald Trump just might be able to actually persuade Congress to eventually enact a flat tax throughout the land. "The only way you're going to get a flat tax - and 40 countries and jurisdictions around the would in recent years have put it in and it's worked very well everywhere it's been tried - is if it's pushed by the president," the chairman and editor-in-chief of Forbes Media told Sunday's "The Income Generation Show."
This was the week when Republicans proved once again that they know how to tackle big issues and govern, passing the most significant tax overhaul in more than three decades. It will not only lure tax-battered corporations back home from abroad, it will also unlock capital investment to create stronger economic growth and better paying jobs, boost middle class incomes, and hand the GOP a winning issue heading into the 2018 mid-term elections.
This week, Congress passed the bill formerly known as the "Tax Cuts and Jobs Act" with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences.
President Donald Trump looks back toward Senate Majority Leader Mitch McConnell, Vice President Mike Pence and House Speaker Paul Ryan, as he speaks about the passage of the tax bill on the South Lawn at the White House in Washington, D.C., on Wednesday. Must credit: Washington Post photo by Jabin Botsford President Donald Trump looks back toward Senate Majority Leader Mitch McConnell, Vice President Mike Pence and House Speaker Paul Ryan, as he speaks about the passage of the tax bill on the South Lawn at the White House in Washington, D.C., on Wednesday.
President Donald Trump speaks during a cabinet meeting at the White House, Wednesday, Dec. 20, 2017, in Washington. The US Senate Wednesday passed US President Donald Trump's Tax Cuts and Jobs legislation, arguably the biggest tax reform in the country over the last three decades.
President Donald Trump will sign a major overhaul of the tax code after the House passed a final iteration of the bill Wednesday. It is his first major legislative achievement and has significant implications for individuals and businesses across America.
President Donald Trump speaks during a bill passage event on the South Lawn of the White House in Washington, Wednesday, Dec. 20, 2017, to acknowledge the final passage of tax cut legislation by Congress. President Donald Trump speaks during a bill passage event on the South Lawn of the White House in Washington, Wednesday, Dec. 20, 2017, to acknowledge the final passage of tax cut legislation by Congress.
Senate Majority Leader Mitch McConnell, R-Ky., and Senate Finance Committee Chairman Orrin Hatch, R-Utah, arrive at the press conference after the Senate passed the GOP tax bill early Wednesday morning. Congress is set to deliver on the first major GOP legislative accomplishment of the Trump era on Wednesday, as the House takes a final vote on a $1.5 trillion tax package that cuts individual rates for eight years and slashes corporate taxes to 21 percent permanently.
For the first in more than 30 years, major changes to the U.S. tax code are on track to become law as early as the New Year. A final vote in the U.S. House on the 2017 Tax Cuts and Jobs Act was scheduled for Wednesday afternoon.
The Republican-controlled U.S. House of Representatives on Wednesday was expected to give final approval to a sweeping tax bill and send it to President Donald Trump to sign into law, sealing his first major legislative victory in office. In the largest overhaul of the U.S. tax code in 30 years, Republicans in mere weeks have steamrolled over the opposition of Democrats in an effort to slash taxes for corporations and the wealthy, while offering mixed, temporary tax relief to working American individuals and families.
Jubilant Republicans pushed on early Wednesday to the verge of the most sweeping rewrite of the nation's tax laws in more than three decades , a deeply unpopular bill they insist Americans will learn to love when they see their paychecks in the new year. President Donald Trump cheered the lawmakers on, eager to claim his first major legislative victory.
UPDATE: The U.S. Senate passed the GOP Tax Cuts and Jobs Act early Wednesday morning, 51-48. The bill was set to go back to the U.S. House for a final vote later Wednesday.
The Republican-led US Senate has approved a sweeping $1.5 trillion tax bill, moving their party and President Donald Trump a step closer to the largest overhaul of the US tax code in more than 30 years. The victory, expected to be sealed within hours, will not come without embarrassment for Republicans, who tripped up on a last-minute procedural snag that forced them to schedule a re-vote by the House of Representatives later in the day.
Jubilant Republicans pushed on Tuesday to the verge of the most sweeping rewrite of the nation's tax laws in more than three decades, a deeply unpopular bill they insist Americans will learn to love when they see their paychecks in the new year. President Donald Trump cheered the lawmakers on, eager to claim his first major legislative victory.
Jubilant Republicans pushed on Tuesday to the verge of the most sweeping rewrite of the nation's tax laws in more than three decades, a deeply unpopular bill they insist Americans will learn to love when they see their paychecks in the new year. President Donald Trump cheered the lawmakers on, eager to claim his first major legislative victory.
Republican legislators are celebrating ahead of a major vote on the most sweeping overhaul of the nation's tax laws in more than three decades. House speaker Paul Ryan dismissed criticism of the widely unpopular package and insisted "results are what's going to make this popular".
The House approved the rule to begin debating the bill by a mostly party line vote of 133-193. The House is on track to pass the bill Tuesday afternoon, sending it to the Senate for an expected vote Tuesday evening.
Sen. Marco Rubio, R-Fla., threw the Republican tax bill into chaos last week when he threatened to vote against it if it didn't include a more robust tax credit for working families. But by mid-Thursday, GOP leaders had increased the credit by enough to secure Rubio's vote for the bill.
GOP lawmakers gear up to vote on massive tax reform: From child credits to corporate tax, here's what's in and what's out. After coming to an agreement on a final version of the new tax reform legislation, members of the House of Representatives and Senate are voting on the bill on Tuesday.
During the Democratic Weekly Address, Representative Mike Thompson argued that a bill as monumental as the GOP tax bill "cannot and should not be jammed through Congress by one party alone." "I'm Congressman Mike Thompson.