White House spokesperson Sarah Huckabee Sanders said Trump will hold a bill passage event later this afternoon, but is not expected that he will sign the legislation at the event.
Trump’s highly disputed tax reform bill is expected to ease the tax burden on corporations as well as small businesses and families at all income levels. A $1.5 trillion package of tax cuts and tax code revisions was approved by the Senate in a 51-48 vote on Tuesday; however it went back to the House of Representatives for another vote, which was considered a formality, as the Senate had removed three provisions. President Donald Trump is expected to sign the bill before the end of the week.
READ MORE: Tax Brake: US Senate Kicks Tax Bill Back to House for Violating Procedural Rules
The sweeping tax reform aims at increasing the current 3 percent level of economic growth up to 6 percent, benefiting the middle class, bringing the money “stuck overseas” into the country’s economy and creating new jobs. Moreover, Republicans struck a fatal blow to Obamacare by ending the tax penalty for those who don't purchase medical insurance starting in 2019. The tax reform legislation contains a provision that stipulates drilling in the Arctic National Wildlife Refuge (ANWR).
"One of the largest oil reserves in the world that for 40 years this country was unable to touch," Donald Trump said.
The Republican Party sees the bill as crucial to ensure their majorities both in the House of Representatives and the Senate during the midterm congressional elections in November 2018.
