A major tax cut promised by US President Donald Trump was on track for final passage next week, after two previous holdouts in his Republican party said Friday they would vote yes on the legislation.
Republicans in both houses of the US Congress, where they hold majorities, each adopted their own versions of the controversial tax code overhaul, and the final compromise text was released late Friday.
“By lowering tax rates, simplifying the rigged and burdensome tax code, and repealing the failed tax on lower- and middle-income households known as the Obamacare individual mandate, this legislation will grow our economy, raise wages and promote economic competitiveness,” White House spokeswoman Sarah Sanders said.
Trump “looks forward to fulfilling the promise he made to the American people to give them a tax cut by the end of the year,” she added in a statement.
Senator Marco Rubio of Florida had imperiled the legislation this week when he said he would not vote in favor of the sweeping bill unless some changes were made.
Rubio had been demanding a doubling of the child tax credit to $2,000. His spokeswoman confirmed to AFP that Rubio had moved to the “yes” camp after he got an increase in the refundable portion of the credit, which will help lower-income families.
Bob Corker of Tennessee, a fiscal conservative who had been the only Senate Republican to vote against the chamber’s initial tax proposal, also said he would vote for the bill, despite reservations over the likelihood that the reforms would substantially increase the national debt.
“I know every bill we consider is imperfect and the question becomes is our country better off with or without this piece of legislation,” Corker said in a statement.
“I think we are better off with it. I realize this is a bet on our country’s enterprising spirit, and that is a bet I am willing to make.”
Source: AFP
