US ap­proves Repub­li­cans’ tax over­haul

The Sunday Guardian - - Business - REUTERS

The U.S. Se­nate on Satur­day ap­proved a sweep­ing tax over­haul, mov­ing Repub­li­cans and Pres­i­dent Don­ald Trump a ma­jor step closer to their goal of slash­ing taxes for busi­nesses and the rich while of­fer­ing ev­ery­day Amer­i­cans a mixed bag of changes.

In what would be the largest U.S. tax over­haul since the 1980s, Repub­li­cans want to add $1.4 tril­lion over 10 years to the $20 tril­lion na­tional debt to fi­nance changes that they say would fur­ther boost an al­ready grow­ing econ­omy.

US stock mar­kets have ral­lied for months in hopes Washington would pro­vide sig­nif­i­cant tax cuts for cor­po­ra­tions.

Fol­low­ing the 51-49 vote, talks will be­gin, likely next week, be­tween the Se­nate and the House of Rep­re­sen­ta­tives, which has al­ready ap­proved its own tax bill. The two cham­bers must craft a sin­gle bill to send to Trump to sign into law.

The pres­i­dent wants that to hap­pen be­fore the end of the year, al­low­ing him and his Repub­li­cans to score their first ma­jor leg­isla­tive achieve­ment of 2017, de­spite con­trol­ling the White House, the Se­nate and the House since he took of­fice in Jan­uary.

A tax over­haul is seen by Repub­li­cans as cru­cial to their prospects in the Novem­ber 2018 mid-term elec­tion cam­paigns when they will have to de­fend their ma­jori­ties in Congress.

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