Graphic: Donkey Hotey. License: CC BY 2.0
Bill narrowly makes it from committee to Senate floor
U.S. President Donald Trump has moved a step closer to one of his campaign promises: The relevant Senate committee forwarded a bill for his promised tax reform to the plenum, which may now debate it, with a narrow Republican majority of twelve votes to eleven. Among other things, the bill would cut the previous seven federal income tax rates of 10, 15, 25, 28, 33, 35 and 39.6 percent to 10, 12, 22, 24, 32, 35 and 38.5 percent and corporate taxes would be lowered from 35 percent to 20 percent.