Trump predicts jump in stock market ahead of tax bill vote

20 December, 2017, 01:21 | Author: Chad Mckenzie
  • S&P, Dow Open Higher as Tax Bill Vote Draws Near

President Donald Trump is hailing the performance of the stock market as the House and Senate brace for votes that majority Republicans are confident will produce the most far-reaching overhaul of the USA tax code in decades.

The House approved the bill by a mostly party line vote of 227-203. The bill could soon become law, with a Senate vote expected Tuesday night.

Congressional Republicans are fulfilling President Donald Trump's wish for a pre-Christmas tax cut in the face of strong public resistance, a new NBC News/Wall Street Journal poll has found. The bill now goes to the Senate for an expected vote Tuesday evening. But it also needs to abide by Senate rules that allow the measure to pass with only 51 votes (hence numerous changes being only temporary).

Passing the bill in December, with many provision set to take effect January 1, 2018, leaves employers and employees little time to figure out how to adjust take-home pay under the new bill and it remains unclear how long it will take the Internal Revenue Service and payroll professionals to figure out how to adjust withholdings under the new law.

Reduces the top tax rate for the wealthiest Americans to 37 percent from 39.6 percent.

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"Today, we are giving the people their money back", he said, adding that a typical family would get a $2,059 tax cut next year.

Rep. John Faso, an upstate New York Republican who voted against the bill Tuesday, said in a Monday statement that the change in the SALT deduction "will accelerate the trend of hardworking individuals and businesses already leaving our state - further eroding New York's tax base".

The bill lowers the corporate tax rate from 35% to 21%, a reduction hailed by the financial services industry.

Ryan expressed confidence that the public's view of the tax bill will change, telling reporters "results are going to make this popular".

Despite his protest to the contrary, Trump would nearly certainly benefit from this bill, in part because it bestows benefits on real estate partnerships, although no one knows precisely how much because he never released his tax returns.

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Ryan rejected polling that shows the bill is widely unpopular.

President Trump and Republicans crowed that their cuts will give most Americans an immediate tax cut next year, and that its steep cuts to corporate tax rates would create jobs, grow paychecks, and deliver a big boost to the economy. Analaysts say the tax cuts will cost the US government $1.5 trillion in revenue over the next decade, The New York Times reported. "Enjoy. And create many handsome JOBS!"

Vice President Mike Pence, who is president of the Senate, would be called on to cast the deciding vote in case of a deadlock.

More holdout Republican senators- Susan Collins of ME and Mike Lee of Utah - came on board Monday.

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