A proposed tax bill aims to overhaul the tax system of the US. The Republican Party hopes that the bill would pass, which would be the first victory of the party under the Trump administration. There is much confidence however that the bill would pass, as expected by most party members.
One of the key elements of the bill is that with a new tax system, it would benefit the economy very much. In recent years the US has been in a slow though steady decline economically. Though it is still in essence one of the strongest economies in the world, there are many catching up to it such as China and the European Union.
Good for the US
Senator John Cornyn also sees that this would be good for the US. The new tax system aims to improve the US economy as well as make it more competitive to the global economy. The new system also aims to simplify the tax code for Americans.
The economy has been one of the key issues raised by President Trump during the campaign. He has said then that he would see the US economy back on top, and the new tax bill is poised to make the promise into reality. Another big promise is that there would be tax cuts for the average American, and with the new tax system these tax cuts would be there for their benefit.
The bill is expected to pass before Christmas though it won’t take into effect until next year. Still, that is enough reason for many Americans to hope as Trump has promised to make America great again.
Before the bill could pass though, it must first pass some final hurdles. Two of them seem to have been passed already. One of those is that it received support from Republican Senators Marco Rubio from Florida and Bob Corker from Tennessee, an important step towards its passage.
Republicans have a majority in the Senate, so the support coming from its own is critical. It remains to be seen though how the new tax system will actually work out for the US. On paper it seems good, though reality often is much more complicated than that. Global competition is much different now than it was a few decades ago. Perhaps the new tax system might be what the US needs, or perhaps there is a need for something else to get it back on top economically. However it might be, this is going to be one of the top government news in the months to come.