US Congress passes sweeping Republican tax bill, sending it to Trump
The Senate narrowly passed the revised bill Tuesday midnight with a vote of 51-48. Now the bill, without the support of a single Democrat in Congress, will be sent to Trump's desk for signature within days and to take effect in 2018.
"By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy," Trump said Wednesday in a statement after the final congressional passage of the tax legislation.
The final tax bill, the sweeping rewrite of US tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and create a 20-percent deduction for income of pass-through businesses such as limited liability companies.
It would keep the seven individual income tax brackets, while lowering the top individual income rate to 37 percent from the current 39.6 percent. Most of the tax cuts for individuals in the bill would expire in 2025.
