After the House of Representatives passed the GOP's controversial tax bill 227-203 along party lines earlier on Tuesday, the Senate voted 51 - 48 to pass it -- but it will be sent back to the House due to violations of Senate rules.
As per NBC, the sweeping tax legislation is being sent back to the House despite being approved in the upper chamber because the Senate's parliamentarian declared three minor provisions to be in violation of Senate rules.
The GOP tax plan has seen a dramatic stop-and-go trajectory that included Senate Republicans flipping their "no" votes to "yes" following new drafts. Estimates about how much the bill will add to the national deficit vary, but some say that it could be as high as $1 trillion or more.
The plan is based in the logic of "trickle-down economics," which assumes that, if given incentives like the massive corporate tax cuts this bill will provide, CEOs will create new jobs and those newly-employed people will then boost the economy by spending money. The bill's architects, like White House economic adviser Gary Cohn, insist corporations will follow this formula, but many other commentators -- including former Labor Secretary Robert Reich -- counter that CEOs simply pocket the money they save from tax cuts.
