Senate Republicans pass budget resolution, step toward tax reform

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Senate Republicans 51 voted against 49 to endorse a budget resolution that could pave the way for President Trump’s plan to carry out "large-scale tax cuts and tax reform." He writes about it USA Today.

After the vote, the White House published a statement in which it noted that "this resolution opens the way to unlocking the potential of the American economy through tax reform and tax cuts."

Republicans were able to approve a budget of 4 trillion dollars.

Republicans on Thursday raised a budget of 4 trillion dollars across the Senate, taking an important step forward for President Trump's ambitious promise of "massive tax cuts and reform."

Voting provides the basis for discussing and revising the US tax code for the first time in three decades. It is expected that the rates for individuals and legal entities will decrease, and also special tax privileges will be canceled.

Tax cuts will reduce the deficit to 1,5 trillion dollars over the next decade, but Republicans have postponed concerns about the growing budget deficit in favor of the possibility of rewriting tax laws every six months.

“These are reforms that change incentives and stimulate growth, and we've never done that before,” said Sen. Pet Toomey.

Disagreements within the Republican Party indicate that the process will not be easy, despite the political imperative.

The upcoming tax measure, which is always the main item on the GOP agenda, became even more relevant after the party had not yet fulfilled its long-standing promise to eliminate Obamacare.

Trump promises that the tax plan, which is still under development, is aimed at the middle class, but in previous versions, people with high incomes got the most benefit.

"Unfortunately, there is a big difference between the administration's rhetoric on these issues and the reality of what is written on paper," said Oregon Sen. Ron Wyden, the top Democrat on the Tax and Finance Committee, who warned that Trump's plan appeals overwhelmingly to senior people."

“The more people hear about this tax plan, the less they will like it,” Senate Minority Leader Chuck Schumer said.

Only one Republican, Rand Paul from Kentucky, voted against the budget. He said that this measure allows too much expense and refuses the GOP's desire to repeal the law Obamacare.

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