Businesses cheer US corporate tax cuts

A signed copy of the Tax Cuts and Jobs Act sits on display following an enrollment ceremony at the US Capitol in Washington, on Dec 21, 2017.
A signed copy of the Tax Cuts and Jobs Act sits on display following an enrollment ceremony at the US Capitol in Washington, on Dec 21, 2017. PHOTO: BLOOMBERG

United States President Donald Trump has scored his first major legislative win after the House of Representatives approved on Wednesday the biggest overhaul of the US tax code in 30 years.

Businesses yesterday cheered the passage of the US$1.5 trillion (S$2 trillion) tax Bill which will slash corporate taxes and likely spur a quick growth dividend. While the move is a boost for Mr Trump and his Republican party, Democrats have called it a giveaway to the rich that will widen the income gap and add to the national debt of US$20 trillion.

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A version of this article appeared in the print edition of The Straits Times on December 22, 2017, with the headline 'Businesses cheer US corporate tax cuts'. Print Edition | Subscribe