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Second story out of Washington broke in the wee hours of Saturday morning. Republicans in Congress took another big step toward a major overhaul1 of the U.S. tax code. The Senate passed a tax reform bill at 2:00 a.m. Fifty-one Republicans voted for it. One Republican and 48 Democrats2 voted against it.
Like the bill that the House of Representatives passed in November, the Senate legislation would reduce taxes for most Americans and decrease the taxes that businesses pay on their profits. Unlike the House bill, the Senate version would keep seven different income tax brackets, though it would change their rates. It would allow teachers who used their own money for classroom supplies to deduct3 more from their taxes and it would ta?ke away the Obamacare law that requires Americans to buy health insurance.
Critics are concerned that the bill would increase the deficit4. For decades, the government has spent significantly more money than it collects through taxes. Those who opposed the bill say reducing taxes would further increase that deficit. Supporters of the bill say it will help the U.S. economy grow enough to offset5 that.
What happens next? Both bills have to be reconciled to a single piece of legislation that has to pass in the House and Senate. If it does, it will head to the Republican president's desk for signature. President Trump's hoping to have that done by Christmas.
1 overhaul | |
v./n.大修,仔细检查 | |
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2 democrats | |
n.民主主义者,民主人士( democrat的名词复数 ) | |
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3 deduct | |
vt.扣除,减去 | |
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4 deficit | |
n.亏空,亏损;赤字,逆差 | |
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5 offset | |
n.分支,补偿;v.抵消,补偿 | |
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