Republican members of the Senate Finance Committee voted Thursday to approve their version of tax reform legislation.
The committee voted 14 to 12 in favor of the $1.5 trillion tax reform bill, with the vote coming down strictly along party lines.
The Senate version of the tax reform bill includes a provision repealing the Obamacare mandate that requires individuals to purchase health insurance in order to help offset the cost of tax cuts.
In a statement following the vote, Committee Chairman Orrin Hatch, R-Utah, called the approval of the bill a "historic moment."
"By nearly doubling the standard deduction, lowering tax rates, and doubling the child tax credit, we have made good on our promise to deliver a bill that will improve the lives of average Americans who have been hit by nearly a decade of sluggish economic growth," Hatch said.
He added, "Bringing our outdated tax structure into the 21st century will help level the playing field for businesses - both small and large - and ensure we can keep more jobs and more investment here at home."
Meanwhile, Senator Ron Wyden, D-Ore., the top Democrat on the committee, cited a new analysis by the Joint Committee on Taxation he said indicates the bill would raise taxes on hard working Americans by billions of dollars to pay for tax cuts for multinational corporations.
The vote by the Senate Finance Committee came shortly after House Republicans voted 227 to 205 to approve their version of tax reform legislation.
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