Tax Cut & Spending Bill Of President Trump to Come Up For Voting In House

President Donald Trump’s Tax cut & spending bill yesterday passed the House of Representatives Rules Committee. It will now come up for vote in the House of Representatives. The bill proposes total tax cuts worth $3.8 trillion. The bill is extending the tax cuts that were given in President Trump’s previous term.

Tax Relief On Overtime, Tips

Tax reliefs in this bill include no taxes on income earned from overtime or tips. Interest on car loans will also be tax deductible if the car purchased is made in America. Child tax credit limit will be increased to $2500 till 2028. Americans above 65 years can deduct up to an increased limit of $4000 on social security benefits that they get.

Us Treasury Yields Jump

Both the Senate and House of Representatives have Republicans in majority. So the bill is very much likely to pass through. The fear that it will considerably worsen the US Federal government’s fiscal deficit caused US Treasury bond yields to jump to 18-month high yesterday. US markets closed in the red yesterday.