Economic news

U.S. tax legislation change to be decided in the Senate after House approval

Republicans of the U.S. Congress yesterday moved significantly closer to the major tax restructuring in the past 30 years, as the House of Representatives gave a green light to a number of various tax cuts, along with the Senate group promoting alternative cuts scheme favoured by certain lawmakers and the U.S. President.

Now the discussion is on the Senate side, following the decision by the House, with the panel having ended the debate and given its approval. Notably, some of the Republicans are opposed to such action.

As for the Senate, it’s expected to give the verdict after Thanksgiving festivities. In a private discussion four of the Republican senators, which is sufficient to stymie the bill, expressed their indignation about the initiative as it would swell the federal deficit, according to a data from “Time”.

Donald Trump could get his first big victory in legislation in case this bill is enacted. Prior to the vote in the House, he spoke in favour of the changes and encouraged Republicans to vote for the proposal, while Democrats believe it will only benefit the rich.

Simpler, fairer and more competitive legislation would propel the U.S. economy, and it could easily be done, said Sarah Sanders, spokeswoman of the White House, in the wake of the vote in the House.

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