With the passing of the huge tax reform by the Republicans to the Senate, the President of the United States expressed his praise and said that the new law will surely make people happy. The issue coincides with the states’ encouragement for individuals and businesses to start their tax ID application.
After passing the Senate bill, the next move is up to the House as they plan to have a conference committee peruse their tax legislation. Senate will follow the same process afterwards and the committee will be in charge of combining the two bills.
Trump believes that a beautiful result is to be expected coming from the merging of the two bills. He added that this will make people happy because of the huge tax cuts they are going to have as well as tax reliefs. This is exactly what the nation needs right now according to President Donald Trump.
Senate Republicans voting result was 51 to 49 thus their tax reform bill was able to push through. This is a huge success for both Trump and the GOP. This will also be the first time that the tax system in the country will have a major change in the past three decades.
The legislation did not receive any votes from the democrat. Senator Bob Corker of Tennessee is a Republican but he voted not in favor of the bill.
The tax cuts from the bill will have a huge impact on businesses and individuals that are earning much higher. Others will only receive a moderate cut if it is implemented.
Paul Ryan, the house speaker from Wisconsin, said that he is proud of his colleagues in the Senate because the vote is deemed as a historic act. The last time that the tax code was changed was in 1986 and now the Senate and House come together for the major change.
News of the tax reform is also expected to influence the tax ID application as more individuals and businesses will be filing.
Ryan said that a tax relief is a much needed reward for the hardworking citizens of the country.