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The Senate Finance Committee approved the GOP tax reform bill on Thursday night after spending nearly a week on markup.

The Committee’s approval comes after the House of Representatives passed the Tax Cuts and Jobs Act.  The panel passed the legislation in a party-line vote of 14-12.

The GOP tax reform bill will be brought to the Senate floor for final approval sometime after the Thanksgiving break.

In a statement, Senate Finance Committee Chairman Orrin Hatch (R-Utah) said they crafted a tax overhaul that promotes growth and jobs. It is for families and will move America forward. It will modernize the country’s tax system to meet the current challenges and opportunities.

Sen. Hatch emphasized that the legislation is a product of months-long hard work and nearly a week of robust deliberation. He said, “The Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of.”

He said the Senate tax reform bill “will improve the lives of average Americans” because it focuses on building a better economy.

On the other hand, Senate Majority Leader Mitch McConnell said he will “bring the must-pass legislation to the floor for further debate and open consideration” after Thanksgiving.  He also promised to the millions of hard-working Americans that help is on the way.

The Senate tax reform bill, as modified by the Finance Committee chairman, will cut taxes for individuals temporarily. The tax cuts will expire after 2025. It will permanently reduce the corporate tax rate to 20% from 35%. The child tax credit increases to $2,000. In addition, it will repeal individual mandate under the Obamacare.

Democrats strongly reject the GOP tax reform bill

Democrats continue to criticize the GOP tax reform bill as gift to corporations and the wealthy. They said millions middle class will actually suffer from tax increases.

Democratic Sen. Ron Wyden, a Ranking Member of the Senate Finance Committee said the legislation is “indefensible” and “partisan.”

During the deliberation, Wyden highlighted the latest figures from JCT indicating that families earning $30,000 will be hit by a tax hike in 2021. The collective tax increase on low-income families is nearly $6 billion to pay for handout for multinational corporations.

By 2027, the legislation will raise taxes by $27 billion on families earning $75,000 and below while corporations across the board will continue to enjoy guaranteed tax cuts.