U.S. House of Representatives dominated by Republicans today was to have its last say on the tax initiative and direct it to the US President for signature, that would mark his biggest achievement in terms of legislation since inauguration.
The greatest tax revamp since 1980s has been pushed through by Republicans in a matter of weeks, with Democrats unable to do much to oppose that. The bill implied tax cuts for big companies and the rich, but only temporary tax alleviation for US individuals.
The Senate gave its approval to the bill early in the day with the results of 51-48, though had to return it to the lower chamber, which had decided in favour of it the day before, for a re-vote as a slip-up in procedure had occurred, but no turnaround was likely to happen. The re-vote was scheduled for this midday in the House.
The legislation sponsored by debt will lower corporate income tax from previous 35% to 21%, a 20% deduction on income from business will be offered to other type of company owners, it also is going to modify the way multinational companies will be taxed in the US as lots of big businessmen have called for through the years.
A big part of American population won’t need to itemize deductions anymore, the bill will also establish tax breaks supporting purchase of homes and making donations out of their reach, and simplify their tax returns.