Senate Budget Approval Puts Tax Cuts Into Motion

0
88
stock market trend

On Friday, U.S. President Donald Trump showed hope for the passage of Republicans’ tax cut plan, stating that a crucial senator that has rejected the budget proposal the day before would now favor it during the vote.

Trump tweeted:

“The Budget passed late last night, 51 to 49. We got ZERO Democrat votes with only Rand Paul (he will vote for Tax Cuts) voting against,”

“This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country!”

The Republican-controlled Senate had approved the budget motion for the 2018 fiscal year on Thursday, the only Republican vote against it was from Paul. The approval makes the tax-cut package a possibility, adding roughly $1.5 trillion to the nation’s deficit over the next decade to pay for these proposed cuts.

The Republicans are under pressure to prosper on the tax reform since they were unable to shut down Obamacare. Trump is seeking his first major legislative win since taking office, which was outshined by constant investigations into Russia’s alleged meddling during the 2016 election.


THE HERALD FINANCE REPORT

Start your workday the right way with the news that matters most.

Your information is 100% secure with us and will never be shared
Disclaimer & Privacy Policy


Democrats are doubtful to support Republicans’ tax plan remaining joined in their disagreement with the bill, which they claim will benefit only the wealthy, raising taxes on the middle-class Americans and only increase the nation’s deficit.

On Wednesday, Trump made his preference clear for a bipartisan tax bill during a meeting with members of the Senate Finance Committee from both the Republican and Democratic parties.

The Trump administration has claimed that the tax plan would provide up to $6 trillion in tax cuts to businesses and individuals. The Senate’s budget must be resolved with a distinctly altered version passed by the House, a process that can take up to two weeks according to the lawmakers.

The Secret Profit Strategy That Could Have Investors Scoring Big

LEAVE A REPLY

Please enter your comment!
Please enter your name here