The US Congress finally approved the largest tax reform in 30 years

Photo: depositphotos.com

The US Senate 20 December passed a tax reform bill prepared by the administration of President Donald Trump. On the eve of document approved by the House of Representatives.

Now the regulation will be submitted for signature to the head of the White House, after which it will be able to gain legal force, writes NBC News.

The President called the Senate decision “a historic victory for the American people” and complained that the project was not supported by representatives of the Democratic Party - the decision was made solely thanks to Republican votes.

During a Cabinet meeting on Wednesday, Trump said passage of the bill would be an "incredible Christmas gift for hardworking Americans" and would reduce tax pressures, which he believes will have a positive impact on business development in the country.

We are delivering HISTORIC TAX RELIEF for the American people!#TaxCutsandJobsAct pic.twitter.com/lLgATrCh5o

- Donald J. Trump (@ realDonaldTrump) December 20, 2017

He believes that the impetus for business was one of the main factors in developing a new tax plan.

“Unfortunately, Democrats don’t like to see tax cuts, they like to see tax increases,” Trump said.

In the afternoon of December 20, a big celebration is planned on the occasion of the adoption of tax reform, all Republican members from the Republican Party are invited to it. At the same time, during the celebration, the president does not intend to sign the adopted draft.

Adoption of this bill is the first significant legislative achievement of the Trump presidency, some previous legislative initiatives of which did not pass the test in Congress.

The President predicted a sharp increase in the market after the introduction of tax reform. According to him, Americans should begin to see the impact of the bill on their lives by February 2018.

Trump stressed that the new tax plan is very beneficial for the middle class due to lower rates and an increase in the threshold of standard deductions.

Vice President Mike Pence congratulated the President on his achievement, which he described as “the year of work that restored American reputation on the world stage”.

We will remind, earlier ForumDaily wrote about How Trump's New Tax Administration Will Affect the Life of Every American.

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