​US passes 1.5 trillion tax cut plan

U.S. President Donald Trump (C) speaks at an event celebrating the passage of the tax bill on the South Lawn of the White House in Washington D.C., the United States, on Dec. 20, 2017. The U.S. Congress on Wednesday finally passed the Republican bill to overhaul the U.S. tax code over three decades, sending it to President Donald Trump's desk for signature, amid concerns that the change would widen income inequality and swell public debt.[Photo: Xinhua]

The US Congress has just approved the country's biggest tax code overhaul in 30 years, marking the first major legislative victory for the Trump administration.

Officially known as the Tax Cut and Jobs Act, this 1.5 trillion dollar tax cut plan was approved in the US Senate 51-48 and in the House of Representatives 224-201. 

The voting proved to be a long process with the House having to vote a second time because of procedural glitches in the final version of the bill. 

Under the plan, American corporate income tax will be cut from 35% to 21% and the top individual tax rate will be cut from 39.6% to 37%. The tax plan also includes a repeal of the Obamacare individual mandate.

President Donald Trump has held a celebration ceremony with Republicans in the Rose Garden of the White House. 

"It's been an amazing experience. It's the largest, I always say it's the most massive, but it's the largest tax cut in the history of our country. This is going to make companies come back and they are gonna stay in our country. And that means jobs and it means really the formation of new young beautiful strong companies." 

The legislation, representing the most drastic changes to the US tax code since 1986, means Congressional Republicans have delivered on their first major legislative accomplishment of the Trump era. 

"First of all, what this represents is a promise each and everyone of us made to the American people last year and is a promise that is kept today," House Speaker Paul Ryan suggested.

However, while Republicans were trying to savor the moment, one thing that cannot be neglected was that the bill was passed strictly along party lines and those who voted against the bill tell a different story. Vermont Senator Bernie Sanders is an independent and he voted nay towards the bill. 

"There are proposals that help the middle class, but they expire at the end of eight years. What Republicans' priorities were about is giving permanent tax breaks to large corporations, some of them will get tens of billions of dollars in tax breaks. But the benefit for middle class were made temporary,"Sanders said. 

Democrats also said that the procedural glitches in the final version of the bill which forced them into a second vote underscored the hasty manner and lightening fast speed at which Republicans assembled their tax overhaul. 

As the celebratory mood continue among Republicans, American media are discussing about how the Trump administration would sell the bill to the American people. 

Just on the eve of voting in Congress, CNN released a poll which showed opposition among Americans to the bill has grown 10 points since early November to 55% and only 33% say they favor the GOP's proposals to reform the nation's tax code.

Also as Senators voted in the Capitol, activists in the building shouted "Kill the bill, don't kill us," which made the voting a chaotic procedure.