U.S. under Trump Series: Trump tax plan likely to sail into law this week with Corker flip and McCain return

President Trump’s tax proposal that was fine-tuned by the GOP lawmakers over the past several weeks likely to pass through Congress this week securing enough votes to assure its smooth passage. Both the White House and the Republicans are in a hurry to present the tax cuts and reforms which are reportedly largest in U.S. history as a gift for Christmas and more so after the Republican candidate Roy Moore lost to Doug Jones in Alabama special election earlier this month.

Republicans want to pass the proposal into law before Mr. Jones is seated in the Senate, which would reduce Republican’s margins to 51-49 and make it even more difficult to pass as all the Democrats are likely to vote against this proposal.

Over the past week, the passage for the proposal smoothened with a previous dissenter, Bob Corker, a Republican Senator from Tennessee dropped his opposition to the bill and Senator John McCain, who has been undergoing treatments for brain cancer might just come to vote for the bill. However, there are still considerable uncertainties with regard to McCain’s vote.  Vice President Mike Pence has also canceled his trip to the Middle East in case he is needed at the Senate for voting to break any tie.

U.S. stock market remains confident that proposal would be passed since it has been hitting all-time highs, over the past few weeks. The U.S. benchmark stock index, S&P 500 has hit new high yesterday and is currently trading at 2692.