//

Congress Passes Tax Reform Bill

1 min read


A tax reform bill is now headed to the White House for President Donald Trump’s signature after Congress passed the measure Wednesday, Reuters reported Wednesday.

The House voted 224-201 and the upper chamber voted 51-48 to approve the measure that would reduce the corporate tax rate from 35 percent to 21 percent and authorize a 20 percent cut on business income.

The legislation would lower the tax rate for high-income earners, introduce changes to the estate tax on inheritances and eliminate a tax penalty on individuals who lack health insurance under the Obamacare law.

The report noted the bill would contribute $1.5 trillion to the $20 trillion national debt over the next 10 years.

Gary Cohn, White House economic adviser, said Trump could sign the measure by Friday if Congress passes this week a spending resolution that would include a waiver on automatic spending cuts that could be prompted by the tax bill.

“If not, most likely we’ll sign it in the first week of the new year,” Cohn added.

ExecutiveGov Logo

Sign Up Now! Executive Gov provides you with Free Daily Updates and News Briefings about Announcements

Leave a Reply

Your email address will not be published.

The Ultimate Guide to Winning Government Contracts Let us show you how top executives are winning so you can replicate it