Treasuries Close Firmly Negative As House Approves Tax Reform Bill

Treasuries Close Firmly Negative As House Approves Tax Reform Bill

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 vote was 227-203, with all Democrats and 12 Republicans voting against the bill.

The Senate was expected to pass the measure Tuesday evening, clearing the way for President Trump to sign it as early as Wednesday.

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. No Senate Democrats are expected to vote for it, meaning Republicans can lose only two of their 52 members for the bill to pass (Vice President Mike Pence would serve as a tiebreaker if there's a 50-50 vote). Sen. Twelve Republicans also voted against the measure.

The plan - which maintains the same number of income tax brackets as under current law but adjusts their parameters - cuts individual tax rates, including slashing the top rate for the highest earners from 39.6% to 37% and shifting the top bracket up slightly to income over $600,000 for people filing jointly or $500,000 for single filers.

The sweeping $1.5 trillion tax bill slashes the tax rate for corporations from 35 percent to 21 percent and reduces taxes on the wealthiest Americans, while making more modest tax reductions for most others.

But it looks likely that many Americans won't know how the bill affects their wallets until they fill out their 2018 tax forms in early 2019, he said.

"With this tax reform, families at every income level get a tax cut, but especially middle-income families", he said, noting that the typical, median-income family of four earning $73,000 annually would save $2,059 in taxes next year. It was the realization of Ryan's years-long work on tax policy.

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. Asked if he was concerned by recent polling that shows the bill to be broadly unpopular, Ryan said he had "no concerns whatsoever", and he blamed the perception on misinformation.

"Congress is standing at the doorstep of an historic opportunity", the veteran Senate Republican told colleagues, calling the legislation "the most significant overhaul of our nation's tax code in more than 30 years". "Enjoy. And create many attractive JOBS!" Only on Friday did Republican leaders cement the needed support for the legislation, securing endorsements from wavering GOP senators Marco Rubio of Florida and Bob Corker of Tennessee.

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

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