04:24 GMT +320 November 2019
Listen Live
    Efforts by Congressional opponents of US President Barack Obama’s Cuba policy will likely be unsuccessful: experts

    US Senate Approves Tax Reform Bill in 'Big Beautiful Christmas Gift' for Trump

    © Sputnik / Igor Mikhalev
    Get short URL
    0 04

    The legislation aims to boost economic growth in the US, though being widely criticized over risks of increasing the national debt and hitting low-income US nationals.

    MOSCOW (Sputnik) — The US Senate has approved the tax reform bill promoted by US President Donald Trump and backed by the Republican party, which would lead to an on-budget deficit increase of about $1.4 trillion, NBC broadcaster reported.

    The bill was passed in 51-49 vote, with only one Republican party member voting against it, and now will have to be reconciled with the version passed by the House of Representatives on November 16.

    "We think this is a great day for the country," Senate Majority Leader Mitch McConnell stated during a press conference after the vote.

    READ MORE: Is This Trump's Make or Break Day? Shutdown Looms, Will Tax Plan Fail?

    The US president has welcomed the move, saying that he planned to sign it before Christmas, adding that the legislation would "ignite our economy with levels of growth not seen in generations."

    Previously, the US presidentr referred to the tax reform as "a great, big, beautiful Christmas present."

    Debates Around the Bill

    The long-debated bill will cut taxes for US corporations from 35 percent to 20 percent and also creates individual tax brackets with rates of 12 percent, 25 percent, and 35 percent. According to the authors of the legislation, it will foster the economic growth in the country and bring money back to the United States.

    The document has been repeatedly criticized over concerns that the reform will increase the national debt, hit US nationals with low incomes and affect the US healthcare system.

    tax bill, US Senate, Donald Trump
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik