The major tax reform sought by US President Donald Trump has been passed in House of Representatives with votes of many Republicans. All Democrats as well as at least 13 Republicans voted against project. Now bill goes to Senate, where an agreement is uncertain, because majority of Republicans re are very scarce anyway.
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In Senate, independent of House of Representatives, a separate version of a tax law is being debated, which differs from House’s proposal. If senators were to adopt this version, both designs would have to be reconciled.
Trump wants to make a reform in any case. More than a year after his election as president, it would be first major legislative project ever. However, re are strong concerns in Senate. Experts no longer expect that Trump will be able to sign a finished law as announced until Christmas.
The draft adopted by House of Representatives, as an essential component, foresees a reduction of company tax from current maximum of 35 to n 20 percent. The tax system is to be significantly simplified with only four income levels. The Chairman of House of Deputies, Paul Ryan, had promised that especially families and middle-level should be relieved. Independent analyses come to a different conclusion: proposal mainly includes facilitation for wealthy.
