On July 1, U.S. time, the U.S. Senate passed the comprehensive tax and spending reduction bill with a vote of 51-50; this bill will be sent to the House for consideration before the deadline of July 4.

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  • The U.S. Senate passed the tax and spending reduction bill with a narrow vote of 51-50.

  • The Vice President and President of the Senate broke the tie with a decisive vote.

  • The bill will be sent to the House of Representatives for approval before the deadline of July 4.

How did the U.S. Senate decide on the tax and spending reduction bill?

The comprehensive tax and spending reduction bill was passed by the U.S. Senate with a vote of 51 in favor and 50 against, reflecting strong support amid a tense political environment.

This was confirmed when the Vice President and President of the Senate used their tie-breaking vote in a 50-50 situation, a testament to the importance and the level of division of the bill.

"This decision affirms the strong commitment of Congress to promote superior economic policies, creating favorable conditions for sustainable development in the United States."

Mike Pence, Vice President of the United States – President of the Senate, July 2023

Throughout the voting process, dozens of proposed amendments to the law were considered by Senators to refine the bill, reflecting careful consideration from the political factions.

How will the bill be handled next in the House of Representatives?

After being approved by the Senate, the bill will move to the House for review and approval voting before July 4, to ensure timely enactment as committed by the administration.

House Speaker Mike Johnson has pledged to make every effort to pass the bill on time, avoiding disruption to expected financial and policy activities this summer.

"We are committed to expediting the legislative process to ensure the economic and policy priorities of the nation."

Mike Johnson, Speaker of the U.S. House of Representatives, July 2023

The bill was described as 'big and beautiful' by the President of the United States due to its combination of tax reduction goals and increased public spending, creating momentum to support the economy.

What is the impact of the bill on the U.S. economy?

Although there are no official figures on tax savings and budget expenditures yet, economists predict that the bill will boost economic growth by improving the investment environment and stimulating domestic consumption.

The simultaneous tax cuts and increased public spending could have a dual effect, supporting businesses and individuals in the context of a global economy challenged by inflation and market volatility.

Frequently Asked Questions

  • What impact does the bill have on personal income tax?
    The bill aims to reduce taxes for certain income groups to increase disposable income for the public, according to analysis from the U.S. Department of the Treasury.

  • When is the bill expected to take effect?
    After being passed by the House of Representatives before July 4, the bill will be signed by the president, expected to take effect in the second half of the year.

  • Will there be any political controversy surrounding this bill?
    The bill faced strong opposition from the opposition party, leading to a narrow vote in the Senate, reflecting clear political polarization.

  • What impact does this bill have on U.S. public debt?
    The bill includes large spending measures, which could increase public debt, but the goal is to stimulate growth to offset this.

  • Which committee oversees the implementation of the bill?
    The budget and finance committees of both the Senate and the House of Representatives will closely monitor the implementation of the bill's provisions.

Source: https://tintucbitcoin.com/thuong-vien-duyet-du-luat-tien-dien-tu/

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