Senate approves major tax cuts in victory for TrumpWASHINGTON (Reuters) - The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. In what would be the largest change to U.S. tax laws since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy. Trump, speaking to reporters as he left the White House for New York hours after the pre-dawn vote, praised the Senate for passing “tremendous tax reform” and said “people are going to be very, very happy”. Once the Senate and House of Representatives reconcile their respective versions of the legislation, he said, the resulting bill could cut the corporate tax rate from 35 percent “to 20 (percent). It could be 22 (percent) when it comes out. It could also be 20 (percent).” U.S. stock markets have rallied for months on hopes that  Washington would provide significant tax cuts for corporations.  Celebrating their Senate victory, Republican leaders predicted the tax cuts would encourage U.S. companies to invest more and boost economic growth.  “We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief to the middle class,” said Mitch McConnell, the Republican leader in the Senate. The Senate approved their bill in a 51-49 vote, with Democrats complaining that last-minute amendments to win over skeptical Republicans were poorly drafted and vulnerable to being gamed later. “The Republicans have managed to take a bad bill and make it worse,” said Senate Democratic leader Chuck Schumer. “Under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations.” No Democrats voted for the bill, but they were unable to  block it because Republicans hold a 52-48 Senate majority. Talks will begin, likely next week, between the Senate and the House, which already has approved its own version of the legislation, to reconcile their respective bills.  Trump, who predicted that the negotiations would produce “something beautiful,” wants that to happen before the end of the year. This would allow him and his Republicans to score their first major legislative achievement of 2017 after having controlled the White House, the Senate and the House since he took office in January. Republicans failed in their efforts to repeal the Obamacare healthcare law over the summer and Trump’s presidency has been hit by White House in-fighting and a federal investigation into possible collusion last year between his election campaign team and Russian officials.  The tax overhaul is seen by Trump and Republicans as crucial to their prospects at mid-term elections in November 2018, when they will have to defend their majorities in Congress.  In a legislative battle that moved so fast a final draft of the bill was unavailable to the public until just hours before the vote, Democrats slammed the proposed tax cuts as a give-away to businesses and the rich financed with billions of dollars in taxpayer debt. The framework for both the Senate and House bills was developed in secret over a few months by a half-dozen Republican congressional leaders and Trump advisers, with little input from the party’s rank-and-file and none from Democrats. Six Republican senators, who wanted and got last-minute amendments and whose votes had been in doubt, said on Friday they would back the bill and did so. Senator Bob Corker, one of few remaining Republican fiscal hawks who pledged early on to oppose any bill that expanded the federal deficit, was the lone Republican dissenter. “I am not able to cast aside my fiscal concerns and vote for legislation that ... could deepen the debt burden on future generations,” said Corker, who is not running for re-election. Numerous last-minute changes were made to the bill on Friday and in the early morning hours of Saturday. One was to make state and local property tax deductible up to $10,000, mirroring the House bill. The Senate previously had proposed entirely ending state and local tax deductibility. “The tax reform measure that passed the Senate is negative overall for state and local government finances. Lower federal tax rates for businesses and individuals could result in a modest boost to hiring and consumption, positively affecting state and local revenues,” Nick Samuels, Vice President at Moody’s Investors Service, said in a statement. “However, the change to the state and local tax (SALT) deduction would reduce disposable income for many taxpayers, likely outweighing the positive effect of lower federal rates on consumption in many communities and states.” In another change, the alternative minimum tax (AMT), both for individuals and corporations, would not be repealed in full. Instead, the individual AMT would be adjusted and the corporate AMT would be maintained as is, lobbyists said. Another change would put a five-year limit on letting businesses immediately write off the full value of new capital investments. That would phase out over four years starting in year six, rather than be permanent as initially proposed. Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of U.S.-based firms would be largely exempt, both changes pursued by corporate lobbyists for years. On the individual side, the top tax rate paid by the highest-income earners would be cut slightly. The Tax Policy Center, a nonpartisan think tank, analyzed an earlier but broadly similar version of the bill passed by the Senate tax committee on Nov. 16 and found it would reduce taxes for all income groups in 2019 and 2025, with the largest average tax cuts going to the highest-income Americans. Two Republican senators announced their support for the bill on Friday after winning more tax relief for non-corporate pass-through businesses. These include partnerships and other companies not organized as public corporations, ranging from mom-and-pop concerns to large financial and real estate groups. The bill now features a 23 percent tax deduction for such business owners, up from the original 17.4 percent. The Senate bill would gut a section of Obamacare by repealing a fee paid by some Americans who do not buy health insurance, a step critics said would undermine the Obamacare system and raise insurance premiums for the sick and the old. Senator Susan Collins, a moderate Republican, said she obtained commitments from Republican leaders that steps would be taken later in separate legislation to minimize the impact of the repeal of the “individual mandate” fee. politicsNews
senate approves major tax cuts victory trumpwashington reuters the senate narrowly approved tax overhaul saturday moving republicans president donald trump big step closer goal slashing taxes businesses rich offering everyday americans mixed bag changes in would largest change tax laws since republicans want add trillion years trillion national debt finance changes say would boost already growing economy trump speaking reporters left white house new york hours vote praised senate passing tremendous tax reform said people going happy once senate house representatives reconcile respective versions legislation said resulting bill could cut corporate tax rate percent percent it could percent comes it could also percent stock markets rallied months hopes washington would provide significant tax cuts corporations celebrating senate victory republican leaders predicted tax cuts would encourage companies invest boost economic growth we opportunity make america competitive keep jobs shipped offshore provide substantial relief middle class said mitch mcconnell republican leader senate the senate approved bill vote democrats complaining amendments win skeptical republicans poorly drafted vulnerable game later the republicans managed take bad bill make worse said senate democratic leader chuck scheme under cover darkness aid haste flurry changes stuff even money pockets wealthy biggest no democrats voted bill unable block republicans hold senate majority talks begin likely next week senate house already approved version legislation reconcile respective bills trump predicted negotiations would produce something beautiful wants happen end year this would allow republicans score first major legislative achievement controlled white house senate house since took office january republicans failed efforts repeal obamacare healthcare law summer trump presidency hit white house federal investigation possible collusion last year election campaign team russian officials the tax overhaul seen trump republicans crucial prospects elections november defend majorities congress in legislative battle moved fast final draft bill unavailable public hours vote democrats slammed proposed tax cuts businesses rich financed billions dollars taxpayer debt the framework senate house bills developed secret months republican congressional leaders trump advisers little input party none democrats six republican senators wanted got amendments whose votes doubt said friday would back bill senator bob corner one remaining republican fiscal hawks pledged early oppose bill expanded federal deficit lone republican dissenters i able cast aside fiscal concerns vote legislation could deepen debt burden future generations said corner running numerous changes made bill friday early morning hours saturday one make state local property tax deductible mirroring house bill the senate previously proposed entirely ending state local tax deductibility the tax reform measure passed senate negative overall state local government finances lower federal tax rates businesses individuals could result modest boost hiring consumption positively affecting state local revenues nick samuel vice president moody investors service said statement however change state local tax salt deduction would reduce disposable income many taxpayers likely outweighing positive effect lower federal rates consumption many communities in another change alternative minimum tax amt individuals corporations would repealed full instead individual amt would adjusted corporate amt would maintained lobbyists said another change would put limit letting businesses immediately write full value new capital investments that would phase four years starting year six rather permanent initially proposed under bill corporate tax rate would permanently slashed percent percent future foreign profits firms would largely exempt changes pursued corporate lobbyists years on individual side top tax rate paid earners would cut slightly the tax policy center nonpartisan think tank analyzed earlier broadly similar version bill passed senate tax committee found would reduce taxes income groups largest average tax cuts going americans two republican senators announced support bill friday winning tax relief businesses these include partnerships companies organized public corporations ranging concerns large financial real estate groups the bill features percent tax deduction business owners original percent the senate bill would gut section obamacare repealing fee paid americans buy health insurance step critics said would undermine obamacare system raise insurance premiums sick old senator susan collins moderate republican said obtained commitments republican leaders steps would taken later separate legislation minimize impact repeal individual mandate fee politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Senate approves major tax cuts in victory for TrumpWASHINGTON (Reuters) - The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. In what would be the largest change to U.S. tax laws since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy. Trump, speaking to reporters as he left the White House for New York hours after the pre-dawn vote, praised the Senate for passing “tremendous tax reform” and said “people are going to be very, very happy”. Once the Senate and House of Representatives reconcile their respective versions of the legislation, he said, the resulting bill could cut the corporate tax rate from 35 percent “to 20 (percent). It could be 22 (percent) when it comes out. It could also be 20 (percent).” U.S. stock markets have rallied for months on hopes that  Washington would provide significant tax cuts for corporations.  Celebrating their Senate victory, Republican leaders predicted the tax cuts would encourage U.S. companies to invest more and boost economic growth.  “We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief to the middle class,” said Mitch McConnell, the Republican leader in the Senate. The Senate approved their bill in a 51-49 vote, with Democrats complaining that last-minute amendments to win over skeptical Republicans were poorly drafted and vulnerable to being gamed later. “The Republicans have managed to take a bad bill and make it worse,” said Senate Democratic leader Chuck Schumer. “Under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations.” No Democrats voted for the bill, but they were unable to  block it because Republicans hold a 52-48 Senate majority. Talks will begin, likely next week, between the Senate and the House, which already has approved its own version of the legislation, to reconcile their respective bills.  Trump, who predicted that the negotiations would produce “something beautiful,” wants that to happen before the end of the year. This would allow him and his Republicans to score their first major legislative achievement of 2017 after having controlled the White House, the Senate and the House since he took office in January. Republicans failed in their efforts to repeal the Obamacare healthcare law over the summer and Trump’s presidency has been hit by White House in-fighting and a federal investigation into possible collusion last year between his election campaign team and Russian officials.  The tax overhaul is seen by Trump and Republicans as crucial to their prospects at mid-term elections in November 2018, when they will have to defend their majorities in Congress.  In a legislative battle that moved so fast a final draft of the bill was unavailable to the public until just hours before the vote, Democrats slammed the proposed tax cuts as a give-away to businesses and the rich financed with billions of dollars in taxpayer debt. The framework for both the Senate and House bills was developed in secret over a few months by a half-dozen Republican congressional leaders and Trump advisers, with little input from the party’s rank-and-file and none from Democrats. Six Republican senators, who wanted and got last-minute amendments and whose votes had been in doubt, said on Friday they would back the bill and did so. Senator Bob Corker, one of few remaining Republican fiscal hawks who pledged early on to oppose any bill that expanded the federal deficit, was the lone Republican dissenter. “I am not able to cast aside my fiscal concerns and vote for legislation that ... could deepen the debt burden on future generations,” said Corker, who is not running for re-election. Numerous last-minute changes were made to the bill on Friday and in the early morning hours of Saturday. One was to make state and local property tax deductible up to $10,000, mirroring the House bill. The Senate previously had proposed entirely ending state and local tax deductibility. “The tax reform measure that passed the Senate is negative overall for state and local government finances. Lower federal tax rates for businesses and individuals could result in a modest boost to hiring and consumption, positively affecting state and local revenues,” Nick Samuels, Vice President at Moody’s Investors Service, said in a statement. “However, the change to the state and local tax (SALT) deduction would reduce disposable income for many taxpayers, likely outweighing the positive effect of lower federal rates on consumption in many communities and states.” In another change, the alternative minimum tax (AMT), both for individuals and corporations, would not be repealed in full. Instead, the individual AMT would be adjusted and the corporate AMT would be maintained as is, lobbyists said. Another change would put a five-year limit on letting businesses immediately write off the full value of new capital investments. That would phase out over four years starting in year six, rather than be permanent as initially proposed. Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of U.S.-based firms would be largely exempt, both changes pursued by corporate lobbyists for years. On the individual side, the top tax rate paid by the highest-income earners would be cut slightly. The Tax Policy Center, a nonpartisan think tank, analyzed an earlier but broadly similar version of the bill passed by the Senate tax committee on Nov. 16 and found it would reduce taxes for all income groups in 2019 and 2025, with the largest average tax cuts going to the highest-income Americans. Two Republican senators announced their support for the bill on Friday after winning more tax relief for non-corporate pass-through businesses. These include partnerships and other companies not organized as public corporations, ranging from mom-and-pop concerns to large financial and real estate groups. The bill now features a 23 percent tax deduction for such business owners, up from the original 17.4 percent. The Senate bill would gut a section of Obamacare by repealing a fee paid by some Americans who do not buy health insurance, a step critics said would undermine the Obamacare system and raise insurance premiums for the sick and the old. Senator Susan Collins, a moderate Republican, said she obtained commitments from Republican leaders that steps would be taken later in separate legislation to minimize the impact of the repeal of the “individual mandate” fee. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: senate approves major tax cuts victory trumpwashington reuters the senate narrowly approved tax overhaul saturday moving republicans president donald trump big step closer goal slashing taxes businesses rich offering everyday americans mixed bag changes in would largest change tax laws since republicans want add trillion years trillion national debt finance changes say would boost already growing economy trump speaking reporters left white house new york hours vote praised senate passing tremendous tax reform said people going happy once senate house representatives reconcile respective versions legislation said resulting bill could cut corporate tax rate percent percent it could percent comes it could also percent stock markets rallied months hopes washington would provide significant tax cuts corporations celebrating senate victory republican leaders predicted tax cuts would encourage companies invest boost economic growth we opportunity make america competitive keep jobs shipped offshore provide substantial relief middle class said mitch mcconnell republican leader senate the senate approved bill vote democrats complaining amendments win skeptical republicans poorly drafted vulnerable game later the republicans managed take bad bill make worse said senate democratic leader chuck scheme under cover darkness aid haste flurry changes stuff even money pockets wealthy biggest no democrats voted bill unable block republicans hold senate majority talks begin likely next week senate house already approved version legislation reconcile respective bills trump predicted negotiations would produce something beautiful wants happen end year this would allow republicans score first major legislative achievement controlled white house senate house since took office january republicans failed efforts repeal obamacare healthcare law summer trump presidency hit white house federal investigation possible collusion last year election campaign team russian officials the tax overhaul seen trump republicans crucial prospects elections november defend majorities congress in legislative battle moved fast final draft bill unavailable public hours vote democrats slammed proposed tax cuts businesses rich financed billions dollars taxpayer debt the framework senate house bills developed secret months republican congressional leaders trump advisers little input party none democrats six republican senators wanted got amendments whose votes doubt said friday would back bill senator bob corner one remaining republican fiscal hawks pledged early oppose bill expanded federal deficit lone republican dissenters i able cast aside fiscal concerns vote legislation could deepen debt burden future generations said corner running numerous changes made bill friday early morning hours saturday one make state local property tax deductible mirroring house bill the senate previously proposed entirely ending state local tax deductibility the tax reform measure passed senate negative overall state local government finances lower federal tax rates businesses individuals could result modest boost hiring consumption positively affecting state local revenues nick samuel vice president moody investors service said statement however change state local tax salt deduction would reduce disposable income many taxpayers likely outweighing positive effect lower federal rates consumption many communities in another change alternative minimum tax amt individuals corporations would repealed full instead individual amt would adjusted corporate amt would maintained lobbyists said another change would put limit letting businesses immediately write full value new capital investments that would phase four years starting year six rather permanent initially proposed under bill corporate tax rate would permanently slashed percent percent future foreign profits firms would largely exempt changes pursued corporate lobbyists years on individual side top tax rate paid earners would cut slightly the tax policy center nonpartisan think tank analyzed earlier broadly similar version bill passed senate tax committee found would reduce taxes income groups largest average tax cuts going americans two republican senators announced support bill friday winning tax relief businesses these include partnerships companies organized public corporations ranging concerns large financial real estate groups the bill features percent tax deduction business owners original percent the senate bill would gut section obamacare repealing fee paid americans buy health insurance step critics said would undermine obamacare system raise insurance premiums sick old senator susan collins moderate republican said obtained commitments republican leaders steps would taken later separate legislation minimize impact repeal individual mandate fee politicsnews