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Republican tax bill: House passes plan to Senate for final vote | |
(35 minutes later) | |
The Republican-controlled Congress is expected to confirm the most sweeping overhaul of the US tax system in more than three decades. | The Republican-controlled Congress is expected to confirm the most sweeping overhaul of the US tax system in more than three decades. |
The House of Representatives has approved the legislation comfortably, but the vote will be closer in the Senate. | |
The bill looks set to mark the party's first major legislative triumph under President Donald Trump. | The bill looks set to mark the party's first major legislative triumph under President Donald Trump. |
Critics say the package is a deficit-bloating giveaway to the super-rich. | Critics say the package is a deficit-bloating giveaway to the super-rich. |
But Republicans argue the tax cuts for corporations, small businesses and individuals will bolster economic growth. | But Republicans argue the tax cuts for corporations, small businesses and individuals will bolster economic growth. |
The bill - described by the president as a "Christmas gift" for the country - permanently cuts the tax rate for corporations from 35% to 21%. | The bill - described by the president as a "Christmas gift" for the country - permanently cuts the tax rate for corporations from 35% to 21%. |
It reduces the tax share paid by the wealthiest Americans, while awarding more modest reductions for most other income brackets. | It reduces the tax share paid by the wealthiest Americans, while awarding more modest reductions for most other income brackets. |
The legislation would add as much as $1.4tn (£1tn) to the $20tn national debt over 10 years, the non-partisan Joint Committee on Taxation says. | The legislation would add as much as $1.4tn (£1tn) to the $20tn national debt over 10 years, the non-partisan Joint Committee on Taxation says. |
The House passed the bill on Tuesday afternoon, with the Senate voting later in the evening or early on Wednesday. | |
"Congress is standing at the doorstep of a historic opportunity," Senate Republican leader Mitch McConnell said on the floor of the chamber. | "Congress is standing at the doorstep of a historic opportunity," Senate Republican leader Mitch McConnell said on the floor of the chamber. |
US Vice-President Mike Pence has postponed a Middle East trip in case he is needed to cast a tie-breaking vote to ensure the measure clears the Senate. | US Vice-President Mike Pence has postponed a Middle East trip in case he is needed to cast a tie-breaking vote to ensure the measure clears the Senate. |
In the upper chamber, which Republicans control by 52-48, the party can afford to lose support from no more than two votes. | In the upper chamber, which Republicans control by 52-48, the party can afford to lose support from no more than two votes. |
Change of heart | Change of heart |
On Monday, two of the last Senate Republican holdouts, Susan Collins and Mike Lee, agreed to support the legislation. | On Monday, two of the last Senate Republican holdouts, Susan Collins and Mike Lee, agreed to support the legislation. |
Senator Jeff Flake remained undecided late on Monday. Senator John McCain, who has brain cancer, is with his family in Arizona. | Senator Jeff Flake remained undecided late on Monday. Senator John McCain, who has brain cancer, is with his family in Arizona. |
Another Republican senator, Bob Corker, meanwhile, denied his change of heart in favour of the bill had been motivated by a tax deduction that could benefit his real estate investments. | Another Republican senator, Bob Corker, meanwhile, denied his change of heart in favour of the bill had been motivated by a tax deduction that could benefit his real estate investments. |
The Tennessean had long been opposed to the tax bill because of projections it would add to the federal deficit. | The Tennessean had long been opposed to the tax bill because of projections it would add to the federal deficit. |
But on Friday Mr Corker dropped his objections as a provision was added offering a 20% deduction on certain property income. | But on Friday Mr Corker dropped his objections as a provision was added offering a 20% deduction on certain property income. |
On Monday, he denied switching sides because he could benefit personally from the legislation. | On Monday, he denied switching sides because he could benefit personally from the legislation. |
In the House, where Republicans hold a 239-193 majority, some "no" votes from fiscal hawks and defectors are expected, but are seen as unlikely to thwart passage. | In the House, where Republicans hold a 239-193 majority, some "no" votes from fiscal hawks and defectors are expected, but are seen as unlikely to thwart passage. |
Republicans have been eager to prove they can govern after their attempts to repeal and replace the Affordable Care Act collapsed this summer. | Republicans have been eager to prove they can govern after their attempts to repeal and replace the Affordable Care Act collapsed this summer. |
The tax bill continues the party's attempts to dismantle the 2010 law known as Obamacare by scrapping a fine it imposes on Americans who do not buy health insurance. | The tax bill continues the party's attempts to dismantle the 2010 law known as Obamacare by scrapping a fine it imposes on Americans who do not buy health insurance. |
With an eye on next year's mid-term elections, Democrats argue that the tax package will further expand the US income gap between rich and poor. |