Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Trump tax cuts gain momentum

Friday, October 20, 2017 - 01:28

President Donald Trump's drive to overhaul the U.S. tax code cleared a critical hurdle when the Senate approved a budget blueprint for the 2018 fiscal year. Fred Katayama reports.

▲ Hide Transcript

▶ View Transcript

President Donald Trump expressed optimism Friday over the prospects for passing his massive tax cut plan. He said Republican Senator Rand Paul would back the tax measure. He said this the day after the Senate approved next year's budget and cleared a critical hurdle for his tax code overhaul. The budget adds up to $1.5 trillion to the federal deficit over the next decade in order to pay for Trump's tax cuts. The president's plan is to slash the corporate income tax rate from 35 to 20 percent to help create jobs and boost wages for blue-collar workers. But Democrats say Trump's plan benefits the wealthy, raises taxes on some middle-class Americans and increases the federal deficit. Event Shares' Ben Phillips runs TAXR, an ETF designed to cash in on tax reform. (SOUNDBITE) BEN PHILLIPS, CHIEF INVESTMENT OFFICER, EVENT SHARES (ENGLISH) SAYING: "So we do think there is enough of an emphasis within the Republican party to push through a bill. And last night Senate budget resolution opened the door to the potential reconciliation process, which means that the Senate and the House could pass the bill without filibuster from Democrats. So, they could, as some people have said steam-roll a bill through and get it pass. Again, we think this is a key priority for Republicans in the near-term and it could happen as soon as year-end." After failing to approve Trump-backed legislation to overturn Obamacare, Republicans are under intense pressure to succeed on tax reform.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Trump tax cuts gain momentum

Friday, October 20, 2017 - 01:28

Featured Videos

Twitter becomes a Freeway of Love for singer Aretha Franklin

Twitter becomes a Freeway of Love for singer Aretha Franklin

Celebrity fans and friends use social media to reflect on the life and career of the 'Queen of Soul'
First at-risk bumblebee species genome sequenced

First at-risk bumblebee species genome sequenced

Sequencing of the yellow-banded bumblebee's genome could help scientists understand why the flying insect is at risk of dying out, say researchers at York University
Parisians object to 'unsightly' public urinals

Parisians object to 'unsightly' public urinals

A new set of eco-friendly but completely exposed urinals deployed on the streets of Paris are provoking uproar from locals
'Kit' take a punt in English river race

'Kit' take a punt in English river race

Competitors using long poles push their punts through the water in the English town of Maidenhead outside London, in a contest that dates back to the mid 19th century
Vienna beats Melbourne to best city title

Vienna beats Melbourne to best city title

Vienna has dislodged Melbourne for the first time at the top of the Economist Intelligence Unit's Global Liveability Index