Congress approves Trump sweeping tax-cut, spending bill
President Donald Trump’s tax cutting package cleared the last obstacle at the US Congress, as the House of Representatives under the control of the Republic had narrowed the gigantic bill and sent it to sign the law.
The 218-214 vote means an important victory that will finance immigration pressure for the Presidency, make 2017 tax cuts permanent and offer new tax cuts promised during the 2024 campaign.
It also cuts health and food safety network programs and resets dozens of green energy incentives. According to the non -Partisan Congress budget office, the country’s $ 36.2 trillion (A55.1 trillion $) debt would add $ 3.4 trillion (A5.2 trillion $).
Despite the concerns about the price tag of the 869 -page invoice and the stroke of health programs, the Republicans were largely supported and only two of the 220 Republicans of the house voted. The bill cleared the Senate under the control of the Republic with the narrowest possible margin.
Republicans said that legislation will reduce taxes for Americans during the income spectrum and increase economic growth.
Virginia Foxx, a Republican representative of North Carolina, described it as bringing the bill: “Historical tax reduction for working families. Great investments to secure the boundaries of our nation. Catching generation savings. Waste, fraud and abuse for more efficient work in government programs.”
Every democrat at the congress voted against it and detonated the bill as a gift to beings that would leave millions of uninsured.
“This bill is the focus of this bill, the justification of all deductions that will harm daily Americans is to provide great tax reductions for billionaires,” Democratic Leading Hakeem Jeffries said in a 46 -minute speech, which is the longest time in the history of the room. He said.
Trump continued the congress and threatening pressure while suppressing them until the July 4 Independence Day holiday. “This should be an easy yes vote for the Republicans. Silly !!!” He wrote on social media.
The Republicans competed to meet this deadline date, worked last weekend, and held discussions all night in the Assembly and Senate. The bill passed the Senate on Tuesday with 51-50 votes.
According to CBO, invoice will reduce tax revenues $ 4.5 trillion (A6.9 trillion $) for 10 years and reduce expenditures $ 1.1 trillion (A1.7 trillion $).
These expenditures come from Medicaid, which largely covers 71 million low -income Americans. According to CBO, the bill will tighten registration standards, improve a work requirement and shorten a financing mechanism used by states to increase federal payments.
Republicans added $ 50 billion ($ 76 billion) to resolve the concerns of rural health providers would force them from work.
Non -Partisan analysts would effectively see their income as they would see the biggest benefits of the richest Americans, and lower -income people would overcome the security network cuts more than tax cuts.
Analysts say the increasing burden of debt created by the bill will effectively transfer money to older generations than young people. Rating Moody’s US debt in May and referred to the load debt, and some foreign investors say the bill makes us treasury bonds less attractive.
On the other side of the Book, the bill prevents tax increases due to the end of this year due to the end of Trump’s 2017 individual and commercial tax cuts. While these deductions are now permanent, tax cuts are expanded for parents and businesses.
The bill also fulfills the promises of the Trump campaign, and creates new tax cuts for overturned income, overtime, elderly and automobile loans.
The latest version of the bill includes more important tax deductions and more aggressive health outages than a version of the house in May.
During the negotiations in the Senate, the Republicans also left a “retaliation tax” on a provision that will prohibit arrangements at the state level of artificial intelligence and foreign investments in Wall Street.
