Senate Republicans Pass Final Tax Plan  Favoring Corporations.

• The sweeping overhaul of the American tax code, a G.O.P. objective for decades, passed through both houses of Congress.

The bill is, without a doubt, Trump and the GOP Congress’s most significant legislative achievement since Republicans gained control of the House, Senate and White House. Republican leaders were determined not to let the 1,100 page final bill linger so it might get picked apart by critics.

But the “win” may end up costing Republicans. This bill is far from the congressional victory Republicans had sought to run on during next year’s midterm elections: It’s deeply unpopular, with approval ratings that were already significantly under water and grew worse over the past few weeks as the legislation neared final passage.

A CNN poll ...conducted in the past week showed 33 percent supporting the bill, but 6 5 percent against it.

Republican Senator from Utah and Chairman of the Senate Finance Committee Orrin Hatch (center) speaks beside Senate Majority Leader Republican Mitch McConnell (center right) and other Republican Senators during a news conference after Republicans pass Trump's $1.5 trillion tax cut bill

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The facts of this bill are what make it unpopular. For one, the bill repeals the individual mandate in Obamacare, which would result in higher prices for people relying on Obamacare for health insurance. And far from a “middle-class tax cut,” as Trump and other Republicans promised, the measure is truly a massive corporate tax cut ― the top rate goes down from 35 percent to 21 percent ― and a smaller tax cut for individuals in the seven individual income brackets.

Independent analysts have said wealthy taxpayers would benefit the most, in large part because they pay more taxes from the start. But households at every income level would see a tax cut next year, according to an analysis of the conference bill from the Joint Committee on Taxation, which scores tax legislation for Congress.

Starting in 2021, however, some income groups would start seeing slightly higher rates. And because the proposal sets most individual cuts to expire in eight years ― a budget gimmick to reduce the bill’s cost in a 10-year budget window ― all households earning less than $75,000 would see higher taxes in 2027 (due in large part to the bill including an unfavorable permanent change to the way tax brackets are indexed to inflation)

Republicans have waved off concerns about the sunsetting tax cuts by saying a future Congress won’t let them expire.... Republicans finance these cuts, in part, by raising taxes on some people. The bill ends much of the state and local tax deduction, which lets filers write off the cost of their local taxes. As a compromise to some of the high-tax states most affected, the bill allows filers to deduct up to $10,000 of their local taxes by some combination of their choice. 

The majority of the bill is “paid for” by increasing deficits. The measure would add $1.4 trillion to the national debt, the Joint Committee on Taxation said. Republicans have claimed that increased economic growth would boost business receipts and offset the revenue loss, though no credible economic analysis has shown that.

Republicans have largely ignored those criticisms by just focusing on how the tax cuts would boost the economy.

The legislation would increase the standard deduction from $12,700 to $24,000 for a married couple.  Families earning less than $25,000 a year would receive an average tax cut of $60, while those earning more than $733,000 would see an average cut of $51,000, according to the nonpartisan Tax Policy Center. Personal exemptions are repealed.

The JCT projected that the ... plan would boost economic growth by 0.8 percent over a decade, far lower than the 3 percent growth Republicans on Tuesday promised their plan would unlock.

“Today is a terrible day for millions of hard-working people, but it is a great day for giant multinational corporations and billionaires who fund Republican campaigns across this country,” Sen. Elizabeth Warren (D-Mass.) said on the Senate floor Tuesday ahead of the vote. “It’s not tax reform. It’s a heist.”