In key victory for Trump, US Senate passes biggest tax overhaul since ’80s

US President Donald Trump pumps his fist after speaking about tax reform legislation during a visit to St Louis, Missouri, US on November 29, 2017. (Reuters) Top News

The US Senate on Saturday approved a new tax reform that makes it easier for US President Donald Trump and the Republican party to cut taxes slabs for the business-class as well wealthier citizens on the one hand and offering the workaday junta an assortment of substitutes.

The overhaul, seen as the largest one since the ’80s, could see the Republican party adding a national debt of $ 1.4 trillion in a span of 10 years, which already is close to a staggering $ 20 trillion. The party says that this would give an extra boost to the already booming economy.

Stock markets across the US have rebounded in the hope that the Trump administration would cut down the tax burden on major business organisations.

The overhaul, which was passed by the Senate in a 51-49 vote, will see talks as soon as the coming week with the House of Representatives, the latter of which has already approved its own version of the tax bill.

For the bill to become a law, one single version has to be passed by both houses which must then be signed by the US President.

Celebrating the win, Republican leaders said the tax reductions would embolden American corporations to invest more which would help amplify the economy. “We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief to the middle class,” said Mitch McConnell, the Republican leader in the Senate, told news agency Reuters.

(With inputs from Reuters)

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