(CNSNews.com) - The House of Representatives voted 227 to 203 today to pass the "Tax Cuts and Jobs Act" tax reform bill. All 227 votes for it were cast by Republicans, while 191 Democrats and 12 Republicans voted against it.
“My colleagues, this is a day I have looked forward to for a very long time," House Speaker Paul Ryan said in a floor speech before the vote. "We are about to achieve some big things--things that the cynics have scoffed at for years, decades even."
“Today, we give the people of this country their money back," said Ryan. "The bottom line here is that a typical family making the median family income will get a $2,059 tax cut next year. This is real relief for families out there living paycheck-to-paycheck, struggling to make ends meet.
“They hear about the economy getting better, but now we need to make sure they see their own personal economy getting better," Ryan said.
House Minority Leader Nancy Pelosi (D.-Calif.) called the bill “an immorality” at a press conference before the vote.
“This Republican bill is not tax reform – not tax reform--as I’ve said over and over, this is the worst bill to come to the Floor of the House, with stiff competition with some of the things they’ve tried to do--the worst bill in history because of the number of people it affects, the amount of money it sucks up to the higher income and the impact on our future deficits,” said Pelosi.
“It’s disgusting smash and grab,” she said. “It’s an all-out looting of America, a wholesale robbery of the middle class. The GOP tax scam will go down, again, as one of the worst, most scandalous acts of plutocracy in our history.”
According to the Joint Committee on Taxation, which officially scores tax bills for Congress, the bill will result in a net cut of $1.126 trillion over the next ten years in the taxes that individuals pay.
It will cut corporate taxes by a net $653.8 billion over ten years, and includes "international tax reform" that will cut $324.4 billion.
In total, it is a ten-year tax cut of $1.456 trillion, according to the JCT.