Trump Nears Tax Reform Victory

Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.The chamber’s 51-48 party line vote just before 12:45 a.m. Wednesday in Washington brought President Donald Trump to the brink of his first major legislative victory. The bill — which has scored poorly in public opinion polls — promises to become one of the biggest issues in the 2018 elections that will determine whether the GOP retains its majorities in Congress.How will voters react to Trump’s tax bill? Bloomberg’s Daniel Ten Kate reports.Trump marked the occasion on Twitter, calling the legislation “the biggest in history Tax Cut and Reform Bill” — though experts have said that’s not the case. Before reaching his desk, the bill must return to the House for one final vote Wednesday. After that, the president said, he’ll hold a news conference at the White House.

Source: Senate Passes U.S. Tax Overhaul Putting Trump on Brink of Big Win – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.