Senate approved largest draft tax reform in U.S. history

Baku. 2 December. REPORT.AZ/ The Senate of the U.S. Congress has approved a bill on a thorough review of the American tax system, Report informs citing the Reuters. According to the agency, 51 senators voted for the adoption of the reform, 49 - opposed.

Now, most likely, next week, a discussion of these initiatives will take place between the Senate and the House of Representatives, which has already approved its own tax bill. Two chambers will have to draw up a single bill to transfer it to the White House for signature.

Earlier, U.S. President Donald Trump promised as a result of the initiative of Republicans to implement "a huge tax cut, the largest in the history of the country”.

According to Reuters, approved by the Senate on December 2, the bill is considered "the largest tax revision in the US since the 1980s". According to it, the corporate profit tax should be reduced from 35% to 20%. This, as the Republicans are confident, will increase the competitiveness of the U.S. economy and return the profits of American companies from abroad.