Republicans send tax plan to President Trump's desk

Republicans send tax plan to President Trump's desk

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LUBBOCK, Texas -

Republicans had to wait a little longer than expected for their tax plan to be passed. 

The "Tax Cuts and Jobs Act" was sent back to the Senate after a hiccup in procedure. The legislation passed the upper chamber along strict party lines then sailed through the House for a second time. All that is left now is for President Trump to ink his signature on it, signing it into law. 

This means the president finally gets his first legislative victory and is making whole on a campaign promise. 

"We are going to bring at least four trillion dollars back into this country," President Trump said. "Money that was frozen overseas and in parts and worlds and some of them don't even like us and they had the money. They're not going to have the money long and so it's really, I guess it's very simple when you think you haven't heard this expression, but we are making America great again. You haven't heard that have you?"

The plan doubles the standard deduction, from $6,000 to $12,000 for single filers and from $12,000 to $24,000 for married couples. 

It doubles the child tax credit, up to $2,000 and includes high earners; it lowers the cap on the mortgage interest deduction, new home owners will only be allowed to deduct the interest on debt up to $750,000, down from a million dollars; it does away with the estate tax; expands the medical expense deduction for the next two years; and it also strips the mandate fro the Affordable Care Act.

Despite the rhetoric from GOP leadership, the plan comes with a fair share of criticism. 

"We know they're popping champagne on Pennsylvania Avenue, there are only two places where Americans are popping champagne, the White House and the corporate boardrooms- including Trump Tower," Senate Minority Leader Chuck Schumer said. "Americans have a lot to regret tonight."

Lubbock Congressman Jodey Arrington said Democrats are just repeating the same old argument and it just is not true.

"It's clearly a bigger break for the middle income and lower income folks," Rep. Arrington said. "I think every income bracket wins in terms of keeping more of their money and that's how it should be."

The tax plan will not go into effect until February. The president has promised to sign it this week.

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