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08-Nov-2017 01:20

WASHINGTON — Republicans muscled the largest tax overhaul in 30 years through the Senate early Saturday, taking a big step toward giving President Donald Trump his first major legislative triumph after months of false starts and frustration on other fronts."Just what the country needs to get growing again," Senate Majority Leader Mitch Mc Connell, R-Ky., said in an interview after a final burst of negotiation closed in on a nearly

WASHINGTON — Republicans muscled the largest tax overhaul in 30 years through the Senate early Saturday, taking a big step toward giving President Donald Trump his first major legislative triumph after months of false starts and frustration on other fronts."Just what the country needs to get growing again," Senate Majority Leader Mitch Mc Connell, R-Ky., said in an interview after a final burst of negotiation closed in on a nearly $1.5 trillion package that impacts the breadth of American society.The party views passage as crucial to retaining its House and Senate majorities in next year's elections.Democrats dismissed the bill as a gift to its wealthy and business backers at the expense of lower-earning people.The measure focuses its tax reductions on businesses and higher-earning individuals, gives more modest breaks to others and offers the boldest rewrite of the nation's tax system since 1986.Republicans said the package would benefit people of all incomes and ignite the economy.Late changes introduced by GOP leaders included helping millions of companies whose owners pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent.That helped win over Wisconsin's Johnson and Steve Daines of Montana.

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WASHINGTON — Republicans muscled the largest tax overhaul in 30 years through the Senate early Saturday, taking a big step toward giving President Donald Trump his first major legislative triumph after months of false starts and frustration on other fronts.

"Just what the country needs to get growing again," Senate Majority Leader Mitch Mc Connell, R-Ky., said in an interview after a final burst of negotiation closed in on a nearly $1.5 trillion package that impacts the breadth of American society.

.5 trillion package that impacts the breadth of American society.The party views passage as crucial to retaining its House and Senate majorities in next year's elections.Democrats dismissed the bill as a gift to its wealthy and business backers at the expense of lower-earning people.The measure focuses its tax reductions on businesses and higher-earning individuals, gives more modest breaks to others and offers the boldest rewrite of the nation's tax system since 1986.Republicans said the package would benefit people of all incomes and ignite the economy.Late changes introduced by GOP leaders included helping millions of companies whose owners pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent.That helped win over Wisconsin's Johnson and Steve Daines of Montana.

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The bill hit rough waters after the Joint Taxation panel concluded it would worsen federal shortfalls by

The bill hit rough waters after the Joint Taxation panel concluded it would worsen federal shortfalls by $1 trillion over a decade, even when factoring in economic growth that lower taxes would stimulate.

The overhaul is significant but far from the largest.

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The bill hit rough waters after the Joint Taxation panel concluded it would worsen federal shortfalls by $1 trillion over a decade, even when factoring in economic growth that lower taxes would stimulate.The overhaul is significant but far from the largest.

trillion over a decade, even when factoring in economic growth that lower taxes would stimulate.The overhaul is significant but far from the largest.



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