Saturday, 2 December 2017

President Trump victory as Senate approves tax reform bill



The largest overhaul in America's tax system for 31 years has been approved by the US Senate, in a crucial victory for Donald Trump.
 
US stock markets have rallied for months in the hope that Washington would provide major tax cuts for corporations and the narrow 51-49 vote in favour of the changes is set to result in a bill that will see the corporate tax rate slashed from 35% to 20%.
 
 
The tax reductions for big businesses will see $1.4tn (£742bn) added to the $20tn national debt over the next 10 years, which the President and his fellow Republicans believe will boost an already growing economy.


The Senate and the House of Representatives - both controlled by the Republicans - are likely to begin talks over crafting a bill next week, with Mr Trump - who promised tax reform during his election campaign - hoping to sign it into law by Christmas.


Following the vote, Mr Trump wrote on Twitter: "We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas!"


Republicans see the tax overhaul as crucial to their prospects in the mid-term elections in November 2018 - when they will have to defend their majorities in Congress - despite public protests against and polls showing little public enthusiasm for the measure.


Senate Majority Leader Mitch McConnell said: "Big bills are rarely popular. You remember how unpopular 'Obamacare' was when it passed?"




SKY        News.