Republicans in the Senate and House of representatives agreed on a bill that could be approved this week
Before completing the first year as President of Donald trump, perhaps, is about to celebrate his first major legislative victory – the approval of the reform of the American tax code and the partial repeal of the law on health care, adopted with the active support of former President Barack Obama.
“As a candidate, I promised that we will have massive tax cuts for ordinary families working Americans that are the core and soul of our country, – he wrote in Twitter on Sunday. – This are only a few days.”
Apparently, the Republicans in Congress will be enough votes for a permanent reduction in corporate taxes, a temporary reduction of taxes on salaries and increase the national debt of America, which may amount to half a trillion dollars. The bill of a 1000 pages were released Friday after negotiations of representatives of both houses of Congress, which were agreed final version that satisfied several Republican dissent.
“I decided to support a package of tax reforms, announced Senator Bob Corker. – The bill is far from perfect, but after serious reflection I came to the conclusion that this is an opportunity to make American business more productive in the domestic market and more competitive internationally, which falls once in a generation, and that we should not miss”.
Republicans are confident that the eight-year period of economic growth in the United States to extend and expedite with an impressive dose of stimulus measures in the form of tax cuts.
Democrats say that the proposed tax package is unfair and unreasonable.
“The bill is designed to provide large-scale, permanent tax breaks to rich people and corporate profits, many of which transferred the American workplaces abroad, – said Congressman Mike Thompson, speaking with the weekly appeal on behalf of Democrats. He really gives some temporary tax cut to some taxpayers from the middle class, but actually raises taxes for millions of middle and working class.”
“It’s the height of hypocrisy on the part of Republicans to vote for tax cuts that would increase the deficit by at least a trillion dollars after over eight years they played against raising the national debt,” tweeted democratic Senator Diane Feinstein.
Will the tax cuts to economic growth? History does not give a clear answer to this question. The American economy was expanding after the tax cuts in the 1980s, but the growth rate was even higher after the tax increases in the 1990s. the tax reductions of 2001 and 2003 followed several years of moderate sustained growth, and there was a serious recession.
Republicans insist that Americans will feel better at a lower tax burden.
“Everyone will win, but I think the biggest benefit it will bring jobs and the middle class – said trump reporters on Saturday. – Our economy is working fantastically well. But she needs to make another big step, and she will not do this step, if we do not adopt the law on taxes”.
Democrats believe that the benefits offered by the bill can be seen a strong bias towards the rich, and that poor and elderly Americans will have to pay a high price when you implement the Republican agenda.
“Now the Republicans have made a big hole in the national debt,” said Senator Chris van HOLLEN, speaking in the program “this week” on channel ABC. “But if you look at their budget, you will see that they plan on patching this hole is to reduce the cost of health insurance and service Medicare by $ 500 billion and Medicaid by more than a trillion dollars.”
When was the last time the Republican party does not appear apostates, and none of them will miss the vote, Congress can send the tax bill to the White house for signature Trump on Wednesday.
Minority Democrats will not be able to block the bill, but I promise to make this issue one of the main topics in the midterm elections to Congress, which will be held next year.