U.S Congress sends tax overhaul to Trump for signature

The U.S. Congress gave final approval to a corporate tax overhaul, sending the bill to President Donald Trump for his expected signature. The House passed a final version of the bill on Tuesday, reconciling minor changes from a version that passed both it and the Senate the night before.

Senate Republicans passed a sweeping overhaul of the US tax code, placing Donald Trump on the brink of scoring his first major legislative victory.

The Senate approved the $1.5 trillion tax bill, which includes permanent tax breaks for corporations and temporary tax cuts for individuals, by a final vote of 51-48. Once enacted, the legislation will represent the most drastic changes to the US tax code since 1986.

The bill lowers the top individual tax rate from 39.6% to 37% and slashes the corporate tax rate to 21%, a dramatic fall from its current rate of 35%.

The bill Prevents companies from shifting profits out of the United States to lower-tax jurisdictions abroad. Sets an alternative minimum tax on payments between US corporations and foreign affiliates, and limits on shifting corporate income through transfers of intangible property, including patents. In combination, these measures with the repatriation and territorial system provisions, represent a dramatic overhaul of the US tax system for multinationals.

It Preserves tax credits for producing electricity from wind, biomass, geothermal, solar, municipal waste and hydropower.

It also Exempts US corporations from US taxes on most future foreign profits, ending the present worldwide system of taxing profits of all US-based corporations, no matter where they are earned.

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