Trump on verge of tax overhaul victory
WASHINGTON: The US Senate narrowly approved a sweeping tax overhaul early Wednesday, putting President Donald Trump on the brink of his first major legislative triumph nearly a year after he took office.
Hours earlier, Trump’s $1.5 trillion deficit-busting tax cuts cleared the House of Representatives, but a rare last-minute snag over parliamentary rules will force the lower chamber to vote on the updated package once again Wednesday.
The deepest rewrite of the tax code in three decades provides dramatic tax breaks to US corporations, and families at all incomes levels will see their income tax drop starting next year, with the largest benefits going to the wealthy.
get and equivalent to 21.6 percent of gross domestic product.
Social services remains the larg- est sectoral allocation at P1.42 trillion, a 5.5 percent increase from the 2017 outlay and primarily driven by planned spending on education and healthcare as well as social security, social welfare and employment safety nets.
The Train Act, meanwhile, provides for higher personal income tax exemptions but also raised taxes on car sales and fuel products among others as the Duterte government moves to implement its ambitious “Build Build Build” infrastructure program
The Department of Finance has claimed that preliminary computa- tions show the government will be giving “almost P150 billion” back to the people in the form of tax relief, while at the same time rais fund priority programs that will help reduce poverty from 21.6 percent to a targeted 14 percent by 2022.