Us Senate by 51 votes for and 48 against, approved the draft law of the Republicans on the largest of the last 30 years of tax reform. About it at himself on Twitter about 07:00 Kyiv time, said the President of the United States Donald trump.

“The Senate has just held the largest in the history of the bill on the tax cuts. Creepy individual mandate (ObamaCare) is repealed,” wrote trump, congratulating the Republicans with the victory.

ObamaСare many considered the main legislative achievement of the last of President Barack Obama.

According to him, the document will be submitted to the House of representatives of the U.S. Congress for a final vote (that previously approved it, however, because of the violation of regulatory procedures will be a second vote). As expected, it will be positive for the bill.

A Senate vote on the new tax code, in fact, was the decisive “battle” for reform.

Document after the approval of the legislators will be sent for signature to the Trump.

The U.S. Congress is a bicameral body composed of the Senate and house of representatives.

See also: How will it affect the dollar, the tax reform trump

2 December 2017, the U.S. Senate approved the tax reform bill “for” vote of 51 Republican Senator, against – 48 Democrats and one Republican Senator.

One of the main points of the reform is a serious reduction in rates of personal income and corporate taxes (the latter in the United States – among the highest in the world). It is also expected to decline from 35% to 21%, the maximum rate of taxation for businesses. The country now has seven-level tax scale, and new limits on the bill next: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

According to analysts, even taking into account the economic growth in the country the bill in its current form will lead to increased US debt by $1 trillion over 10 years. Critics of reform emphasize that it will not bring much relief to ordinary Americans, and its adoption will benefit only big business and the richest citizens of the United States.

Republicans argue that tax cuts for corporations, small businesses and citizens to spur the economy and labour market.

See also: Revolution or populism. Why abolish income tax

Victory trump: the US Senate passed its tax reform 20.12.2017

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