Trump tax cut bill clears first hurdle
Tax reforms being sought by US President Donald Trump have cleared their first legislative hurdle as the bill passed a congressional committee, while a separate version of the legislation was introduced in the Senate.
Trump has pushed the legislation as key to making the US competitive on the world stage and said he hopes to sign a tax-cut bill into law by Christmas.
Congressional leaders said they plan to bring the measure up for a vote in the House of Representatives next week.Singapore bans Mufti Menk from entering country
"It is exactly the type of tax cut and job growth our country needs to get back on track, and I look forward to a robust debate on the House floor," Speaker of the House Paul Ryan said on Thursday.
The legislation would provide incentives for companies to bring back to the US profits made overseas and reduce the top corporate tax rate to 20 per cent from 35 per cent.
It would also reduce the number of tax brackets for individuals, eliminate many tax loopholes used by the wealthy to reduce their tax bill, increase tax credits for families with children and lower rates for small businesses.Trump to talk North Korea, trade with Xi
A separate version of the legislation put forward by the upper Senate on Thursday differs in several key points and would delay the implementation of a lower corporate tax rate until 2019.
Both chambers of Congress would have to pass a unified version of the bill before Trump could sign it into law.