ChinaVirtuoso

The Republican-controlled US House of Representatives gave final approval on Wednesday to the biggest overhaul of the US tax code in 30 years, sending a sweeping US$1.5 trillion tax bill to President Donald Trump for his signature.

In sealing Trump’s first major legislative victory since he took office in January, Republicans steamrolled opposition from Democrats to pass a bill that slashes taxes for corporations and the wealthy while giving mixed, temporary tax relief to middle-class Americans.

The House approved the measure by 224-201, passing it for the second time in two days after a procedural foul-up forced another vote on Wednesday. The Republican-led Senate had passed it 51-48 in the early hours of Wednesday.

“We are making America great again,” Trump said, echoing his campaign slogan at a White House celebration with Republican lawmakers. “Ultimately what does it mean? It means jobs, jobs, jobs, jobs.”
Trump, who emphasized a tax cut for middle-class Americans during his 2016 campaign, said at an earlier Cabinet meeting that lowering the corporate tax rate to 21 percent from 35 percent was “probably the biggest factor in this plan.”
It was uncertain when the bill would be signed. White House economic adviser Gary Cohn said the timing depended on whether automatic spending cuts triggered by the legislation could be waived.

The administration expects the waiver to be included in a spending resolution Congress will pass later this week, a White House official told reporters. Cohn told Fox News Channel on Wednesday night that Trump could sign the bill as soon as today if the resolution was passed by then.

“If not, most likely we’ll sign it in the first week of the new year,” Cohn said.

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