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Is the passing of the Senate tax bill good for the American people?

Screenshot from CNN's YouTube video: GOP tax plan passes the Senate

Early Saturday morning, the Senate Republicans finally got a big legislative win. By a 51-49 vote they passed their tax reform bill. Senator Bob Corker of Tennessee was the only Republican to break ranks and vote no on the bill. The bill will now go to conference where the House and Senate will negotiate the differences between their plans. Then, the compromise bill between the House and Senate will go to the floor of both chambers of Congress for a final vote.

The Senate Democrats were irate that they were given so little time to review the nearly 500 page bill before the vote in the early morning. The Senate bill is a major overhaul of the tax system. It will permanently lower the corporate tax rate from 35 percent to 20 percent. It lowers individual rates for the next 10 years and, while it keeps the same number of breaks, it changes what they are. The bill repeals the hated Obamacare individual mandate and increases the child tax credit from $1,000 to $2,000. It is estimated to add over a trillion dollars to the national debt. With the passage of this bill, a question comes to mind: Is the Senate tax bill good for the American people?

CNN showed the passing of the tax bill in the Senate:

The Issue

Is the Senate tax bill good for the American people? Will this bill put more money in the hands of the American people? Or, will this bill crush the poor and middle class?

Page 2: Arguments in favor of the tax bill

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