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U.S. under Trump Series: Trump’s budget plan clears House hurdle
President Trump’s budget plan that paves way for the much-anticipated tax reform has cleared the House hurdle by a narrow margin after it was passed through Senate. The budget plan was approved by the Senate last Thursday with 51-49 margin and made its way to the House. House has cleared the budget with 216 members voting in favour, and 212 opposing it. 20 Republicans voted against Trump’s budget plan citing concerns on the deficits projected arising from Tax cuts.
Speaking to Fox news President Trump said that he expects the Tax reform and cut bill to clear the hurdles in both Senate and the House by the end of the year. Fox News contributor Newt Gingrich, who is a close ally of President Trump said that the tax plan could come as a Christmas gift to the Americans. According to Trump administration, the Tax proposal would have three components; tax cuts for corporations and small businesses from 35 percent to 20 percent; income tax cuts for Americans, and reform which includes simplification of the U.S. tax code.