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Sunday, December 3, 2017

In Republican victory, US approves tax reform

Senators approved on Saturday text that exempts citizens and the high-income population changes model of taxation


The United States Senate on Saturday approved a broad tax reform, a major step for Republicans and President Donald Trump to move closer to the goal of reducing corporate and richer taxes by offering Americans a series of changCelebrating the Senate victory, Republican leaders projected that tax cuts would encourage US companies to invest more, bolstering economic growth. "Now we have an opportunity to make the country more competitive, to keep jobs that have been sent to other countries, and to provide significant relief to the middle class," said Mitch McConnell, the Republican leader in the Senate.
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!
In what would be the country's biggest tax reform since the 1980s, Republicans want to raise the national debt of $ 20 trillion in $ 1.4 trillion over 10 years to fund the changes, which they say will further increase growing economy. "We are one step closer to delivering huge tax cuts for working families across America," Trump said in a tweet.
The Senate passed the bill by 51 to 49 votes, with Democrats complaining that the last-minute amendments to win over skeptical Republicans were poorly drafted and vulnerable to be exploited in the future by lawyers and accountants in the tax evasion industry. "Republicans have managed to get a bad law and make it worse," said Senate Democrat leader Chuck Schumer. "Underneath the darkness, and with the help of pressure, a flurry of last-minute changes will fill the pockets of the rich and big corporations with money even more."
No Democrat voted in favor of the bill, but the party was unable to block it because Republicans have a 52-48 majority in the Senate. Discussions will begin, probably next week, between the Senate and the House of Representatives, which has already passed its version of the tax law.
Trump wants this to happen before the end of the year, allowing him and his fellow Republicans to reach the first legislative bill in 2017, although they have been in control of the White House, Senate and House since he took office in January.



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