Republicans of the U.S. Senate presented their tax proposal on Thursday and it came into collision with the ideas of the House of Representatives on some issues, namely the estate tax, the corporate tax, and deduction for local taxes.
This disagreement impedes the zealousness of Republicans to push through a major change to the country’s tax law in around 30 years. Republicans from the Senate are willing to cut the corporate tax rate from the current 35% to 20%, just like the House of Representatives, but are ready to do this only in 2019.
The House intended to vote in the coming week following their tax-writing Committee decision on whether to approve the legislation on Thursday, while the Democrats are all against that measure.
As for the Senate – the schedule is not as precise, the bill has got to be drafted first, besides Republicans don’t have the overwhelming majority there and so the chances of getting this legislation approved are slimmer, especially because it deals with taxes.
While the U.S. President makes his trip to the world’s East, Republicans highlighted their decisiveness to introduce legislation throughout this year. If successful, it would become the biggest legislative achievement for Trump since his inauguration.