'Unbeatable': Trump gets one step closer to passing tax cut bill

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Donald Trump
US President-elect Donald Trump speaks during a press conference in Trump Tower, Manhattan, New York, US, January 11, 2017. Reuters/Shannon Stapleton

US President Donald Trump has declared that “right now we’re unbeatable” after getting one step closer to passing a tax cut bill. The POTUS reacted hours after the Senate approved the rewrite of the US tax code, which would help Trump achieve the first huge legislative win of his administration.

“Unless they have somebody that we don’t know about, right now we’re unbeatable,” Trump said on Saturday in New York City. His reaction during a Trump Victory Fund finance breakfast was quick to make headlines, with news outlets noting he has just declared himself unbeatable in 2020.

The POTUS said the “new numbers just came,” but it was not immediately clear what numbers he was referring to. He has been more detailed about the corporate tax rate, saying it could be 22 percent when it comes out.

Pointing to House and Senate negotiators’ expected talks, the POTUS forecasted that “something beautiful is going to come out of that mixer.” The White House has suggested that a 20-percent corporate tax rate is required for the commander-in-chief to back up the tax package.

Trump’s comments came after a $1.5 trillion tax bill was approved by the Senate on Saturday (US time). It would provide temporary tax-rate cuts and slash the corporate tax rate to 20 percent from 35 percent starting 2019. It is tipped to provide the most sweeping changes to the tax system in decades if enacted.

Republican Senator John Barrasso of Wyoming also expressed his views about the tax plan on “Fox News Sunday.” When asked if a 22-percent corporate tax rate was a possibility, he said his preference was 20 percent but maintained that everyone is “going to have to decide for themselves” on how they vote. Treasury Secretary Steven Mnuchin earlier said the 20 percent corporate rate was "not negotiable.”

Meanwhile, Democrats have recognised that the corporate tax rates would be permanently reduced under the Trump administration’s plan. But they also noted it would only offer temporary tax cuts, which would last until 2026. Democrats believe the bill will exclusively help the wealthy, CNBC reports.

On Twitter, Trump described the tax bill and tax cuts as the biggest in history. He also thanked the House and Senate Republicans for their “commitment” and “hard work.” A behind-closed-doors process could move fast as Trump reportedly said he wanted to sign the tax package into law ahead of Christmas.