CORPORATE CUTS
Victory for Republicans as Senate approves US tax overhaul
Washington — The US Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. In what would be the largest change to US tax laws since the 1980s, Republicans want to add $1.4-trillion over 10 years to the $20-trillion national debt to finance changes they say would further boost an already growing economy. Speaking to reporters as he left the White House for New York hours after the predawn vote, Trump praised the Senate for passing "tremendous tax reform" and said "people are going to be very, very happy". US stock markets have rallied for months on hopes that Washington would provide tax cuts for corporations. Celebrating their victory, Republican leaders predicted the tax cuts would encourage US firms to invest more and boost economic growth. "We have an opportunity now to make America more competitive, to kee...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.