U.S. under Trump Series: Postponed voting on tax bill to take place in Senate today

On Thursday, Senate Majority leader Mitch McConnell called to delay the next vote on their version of the ‘Tax Cuts and Jobs Act’, popularly known as ‘Trump Tax Plan’ until 11:00 am Friday after heated debates nearly sent the bill back to committee. According to insiders with the knowledge of the matter, Republicans are still making some final changes to ensure that they have all the votes they need in the Senate.

Republican Senator John McCain, who was a known holdout has finally released a statement saying that he would vote in favor of the bill. Even then, the Republicans can’t afford to lose more than two votes to ensure safe passage of the bill. Senators Bob Corker (R-Tennessee), Jeff Flake (R-Arizona) and Ron Johnson (R-Wisconsin), initially suggested that they would not vote for the bill, however, under pressure they vote against sending the bill back to the Committee.

The bill is widely expected to be a major boost for the American companies and President Trump has said that it would pave way for companies to return to America and create jobs. The equity markets in America has been rising this whole year over expectations of this tax bill that plans to reduce corporate tax rate to as low as 20 percent. U.S. benchmark stock index, S&P 500 is up around 20 percent this year and currently trading at 2643.