Economic news

U.S. Senate approves draft budget for 2018 fiscal year

The U.S. Senate has approved a $4 trillion fiscal 2018 budget resolution, with a vote of 51 to 49.

Due to the planned cost reduction in the project, the bill will allow the implementation of the tax reform, which in September was announced by the administration of Donald Trump.

The massive tax plan includes a decline in the rate of corporate income tax from 35% to 20%. The maximum rate of income tax is also proposed to be reduced - from 39.5% to 35%, simultaneously abolishing the inheritance tax.

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