Trump to deliver ‘big beautiful’ tax present

CONGRESS was set to pass a tweaked version of Donald Trump’s $1.5trillion tax plan yesterday in a Christmas boost for the president.

The House of Representatives voted through the legislation and the Senate was expected to follow suit after Republican critics fell into line.

For weeks lawmakers had been merging two different version of the legislation that were passed separately by the two congressional bodies.

The final version will slash the corporation tax rate from 35 per cent to 21 per cent – just two points behind Britain’s current rate of 19 per cent. It will also decrease the income tax rate for most earnings brackets and double the amount someone can pass on tax-free through inheritance. Mr Trump framed his law as a tax cut for the middle class, but independent analysis suggests high-earners and corporations are the biggest winners in the long-term.

Mike Pence, the vice president, delayed a trip to Israel and Egypt to be available if needed to vote for the bill. The vice president has the deciding vote if the Senate is tied 50-50.

Mr Trump has dubbed his tax cut “historic” and said passing the bill before the end of the year would give voters “a big, beautiful Christmas present”.

The law will be Mr Trump’s first major legislative victory since entering office and defies critics who questioned his ability to work with mainstream congressmen.