Historic Tax Reform Passes

The House on Tuesday approved the most sweeping tax overhaul in decades, voting along party lines to enact deep and permanent tax cuts for corporations and temporary cuts for individuals. The vote puts Republicans one Senate vote and one presidential signature away from their first significant legislative achievement.

"Tax reform is a huge win for equipment manufacturers of virtually every type and their employees," says Dennis Slater, president of the Association of Equipment Manufacturers (AEM). "From small, family-held manufacturers to large, publicly-traded companies, the Tax Cuts and Jobs Act will improve the bottom line for equipment manufacturers across the country. The bill passed today will encourage equipment manufacturers large and small to hire new workers, expand facilities, and purchase new equipment; the legislation will also tilt the playing field back in favor of equipment manufacturers here in the United States."

The Senate is expected to approve the $1.5 trillion tax bill on Tuesday night or Wednesday, clearing the way for President Trump to sign it into law by Christmas.

Notes:

• The House approved the most sweeping tax rewrite in decades along party lines, with lawmakers voting 227-203.
• The action has now moved to the Senate, which is expected to vote on the bill, possibly on Tuesday evening.
• Under the bill approved by the House, the corporate tax rate would be cut to 21 percent, from the current 35 percent
• President Trump is expected to sign the bill into law by Christmas.