U.S. under Trump Series: House of Representatives approve ‘Tax cuts and Jobs Act’

The House of Representatives has approved President Trump’s tax cuts and reforms plan, ‘Tax cuts and Jobs Act’. The voting took place on Thursday, where 227 members voted in favor of it, while 205 were opposed to it. The proposal now faces a very uphill battle in the Senate, where Republicans enjoy only a thin majority as because no Democrats in the House voted in favor of the proposal. Moreover, 13 Republicans joined their Democratic colleagues in opposing the bill. Earlier this year, Senate Republicans failed to gather support for their healthcare bill, known as ‘Obamacare repeal’ and that casts a doubt on their ability to pass this crucial bill, expectations of which has pushed the U.S. stock market to a new record high this year.

The House bill would reduce corporate tax rate to 20 percent from current 35 percent, would reduce personal income taxes and consolidate individual and family tax brackets from seven to four.