23:50 GMT +320 November 2017
Live
    US Capitol

    US Senate Votes for 2018 Draft Budget Paving Way for Tax Overhaul

    CC0
    US
    Get short URL
    0 23820

    Republicans claim that the draft budget for the next fiscal year will open the door for reducing tax burdens for families and small businesses.

    MOSCOW (Sputnik) — The US Senate voted by a slim majority on Thursday in favor of a draft budget for the next fiscal year that has cleared the way for Republican-proposed tax cuts.

    "The Senate has passed the 2018 Budget. Thank you Senator Enzi & Budget GOP for all of your hard work. Now it's time for Tax Reform," Senate Majority Leader Mitch McConnell tweeted.

    The resolution was passed by a vote of 51-49. Republican senators claimed it would open the door for reducing tax burdens for families and small businesses.

    "This budget resolution is the first step to pro-growth tax reform, as it will provide the fiscal headroom needed for the tax-writing committees in the Senate and the House to produce tax reform legislation," Senate Budget Committee Chairman Mike Enzi said.

    Native Americans listen to US President Barack Obama address the White House Tribal Nations Conference in Washington. (File)
    © AFP 2017/ Nicholas KAMM
    The budget blueprint aims to reduce domestic spending by $5.1 trillion. The measure will allow the Senate Finance Committee to increase deficit by $1.5 trillion over a decade in order to conduct a comprehensive tax reform, while instructing the Energy and Natural Resources Committee to save $1 billion.

    Sen. John Thune, the chairman of the Senate Republican Conference, issued a statement on the passage of the budget resolution saying the tax plan would help working families.

    "We want to ensure that Americans are able to keep more of their hard-earned money and that business owners have the resources they need to grow their operations — creating more jobs and bigger paychecks," he said.

    Democratic Sen. Bob Chasey, who voted no, said the budget bill sought to cut vital programs for the middle class to finance massive tax cuts for the wealthy, while Sen. Maria Cantwell warned that tens of millions would have their state sales tax deductions eliminated.

    Related:

    US Deficit Hits $658Bln in First 10 Months of Fiscal 2017 - Budget Office
    Legislation Allowing US Cheap Drug Imports Cuts Budget Deficit $6.8Bln
    2018 Budget Request Not to Restore US Military Readiness - Gen. Dunford
    Tags:
    taxes, budget, GOP, Republican, US Congress, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment