After significantly failing to get a meaningful tax cut bill through Congress during Donald Trump’s new administration, one has appeared to have made the mark.
“It’s just what the country needs to get growing again,” Senate Majority Leader Mitch McConnell, R-Kty. remarked after negotiation closed on a $1.5 trillion tax overhaul that hopefully will benefit American society.
President Trump thanked Senate and House Republicans for their support in pulling the bill through the different views of Republicans and Democrats.
They are now trying to reconcile differences in the individual outlooks of the senators and representatives. President Trump is aiming to sign the tax law before Christmas.
He claims it is the biggest tax bill and tax cuts in history though many disagree with that.
Sen. Bob Corker, R-Tenn., was the only lawmaker to cross party lines, joining Democrats in voting “no.”
The new measure concentrates its tax reductions on businesses and corporations, and higher-earning individuals while giving more modest reductions to others.
In the long run, one may consider it satisfactory to a low-income earner to get a lower income tax.
After all, reductions in income tax to the wealthy and rich corporations can benefit poor people significantly because then the cost of buying their supplies and needs goes down on them considerably if the taxes on rich corporations and other rich businesses is lower.
And just living a normal life in the United States of America could cost much less.