United States President Donald Trump’s sweeping tax reforms bill now awaits just his signature before it becomes law, after the Congress passed the Tax Cuts and Jobs Act on Wednesday, ending weeks of back-and-forth between its two chambers, Reuters reported.
The House of Representatives gave its final approval to the bill, as was expected, hours after the Senate sent it back for a re-vote with minor changes. This is the final step before Trump signs the bill, which he has pledged to turn into a law before Christmas. When that happens, it will be Trump’s first major legislative victory.
The House approved the bill 224-201, prompting Trump to say in a celebratory address with his party colleagues at the White House: “We are making America great again...Ultimately what does it mean? It means jobs, jobs, jobs, jobs.” He called the tax reforms the “largest tax cut in our history”.
The proposed law wants to, among other things, cut the corporate tax rate from 35% to 21% permanently, and to lower taxes for about 70% of the middle-class families until 2026. The tax reforms are said to be the most massive overhaul in at least three decades. The Democratic Party believes the bill will benefit only the wealthy and big business houses, and it has strongly opposed it in both chambers of the Congress.