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Fears of voter backlash as Trump enjoys tax victory

Donald Trump has hailed the passage of a $1.5tn (£1.12tn) tax overhaul – describing it as a “histori..

By admin , in USA , at December 21, 2017

Donald Trump has hailed the passage of a $1.5tn (£1.12tn) tax overhaul – describing it as a "historic victory for the American people".

Mr Trump and his fellow Republicans gathered at the White House to celebrate the biggest tax changes in a generation, and his first major legislative victory since taking office.

"We are making America great again," said Mr Trump, "I don't know if we'll have bigger moments, but we hope to… It is the largest tax cut in the history of our country."

The President is expected to make the legislation official by signing the document at a later date because of technical reasons.

Mr Trump may, however, need to convince US citizens that this is a good thing for them.

Some Republicans have warned that the party could face a political backlash as analysis shows the policy is going to benefit big corporations and rich people, while lower earners suffer.

The tax package includes a cut in the corporate rate from 35% to 21%.

About 80% of American households will get tax cuts next year, while about 5% will pay more, according to the non-partisan Tax Policy Centre.

Video:Trump: Tax cut is 'really something special'

People who make less than $25,000 (£18,700) will see an average tax cut of $60 (£45).

Those earning between $49,000 (£36,650) and $86,000 (£64,335) will get about $900 (£673), and those in the top 1% of income – earning more than $733,000 (£548,360) – will receive around $51,000 (£38,150) in tax savings, the policy centre said.

The Congressional Budget Office predicts the new legislation will add $1.4tn to the national debt over the next decade.

Polls suggest around half of Americans believe the plan will hurt their personal finances, with two in three voters saying the wealthy will get the most benefits.

Democrats unanimously opposed the tax plan in Congress.

More from Donald Trump

Donald Trump said in a tweet that "defeated Dems" and the media were out to "demean" the tax package but "the results will speak for themselves, starting very soon."

The first effects of the new legislation will be felt in Americans' paychecks in February.

Original Article

The post Fears of voter backlash as Trump enjoys tax victory appeared first on News Wire Now.


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