US Senate Finance Committee OKs Republican Tax Cut Bill

The US Senate Finance Committee voted late on Thursday to pass a Republican tax overhaul package, clearing the way for a full Senate vote on historic tax cuts.

MOSCOW (Sputnik) — The US Senate Finance Committee's vote to pass a Republican tax overhaul package came shortly after the House of Representative voted 227-205 to pass the Tax Cuts and Jobs Act. It will double the standard deduction and cut income tax rates across the board, according to Committee member Sen. Johnny Isakson.

"After months of hard work and nearly a week of robust deliberation on the merits of this legislation, the Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation," the Senate panel’s chairman Orrin Hatch said in a statement.

Both chambers of Congress have unveiled two different draft bills on reforming the national tax system, which must be melded in to a single piece of legislation and sent to the White House for President Donald Trump’s signature to become law.

According to a recent poll released by Politico/Morning Consutlt, the majority of US voters believe that President Donald Trump and his businesses will gain from the upcoming tax overhaul, while fewer than three in 10 say the legislation will help them.    

However, despite criticism of the plan, Trump has previously expressed confidence that the tax proposal will be on his table for a final signature by the end of 2017, adding that it would contribute to job growth in the United States.