Reporters wait for the arrival of senators for vote on the tax bill on Capitol Hill in Washington, DC on December 1, 2017. (AFP / mari matsuri)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
The sweeping tax reform package adopted by a slim margin of 51-49 early Saturday by the Republican-controlled Senate has sparked fierce debate among economists.The White House portrays the new tax package as the largest tax cut in U.S. history and says it is aimed at spurring growth and producing higher wages and corporate profits while encouraging tax-shy companies to repatriate their wealth.One of the proposal's main boosters, Treasury Secretary Steven Mnuchin, recently touted a letter from nine economists who asserted that the first comprehensive tax overhaul in three decades would lift annual GDP growth by 0.3 percent over 10 years.U.S. companies have long benefitted from tax deductions that brought their effective tax rate down to around 21 percent.Another boon for the business world: partnerships and other so-called "pass-through" companies whose profits are enjoyed directly by their owners -- and which account for half of corporate revenue and 90 percent of small businesses -- will see steep tax cuts.
FOLLOW THIS ARTICLE