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Trending Channel – The U.S. Senate approved the agreement that avoids tax gap

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The U.S. Senate approved the agreement that avoids tax gap

The U.S. Senate approved the agreement that avoids tax gap

The U.S. Senate has approved yesterday even before the Dec. 31 deadline, the agreement intended to prevent so-called “tax gap” by suspending most general measures to increase taxes and spending cuts that would automatically come into force on largest economy in the world at the start of the new year.

With an overwhelming majority of 89 votes “for” and eight “against” the upper house of Congress approved taxation agreement. This was a  text negotiated a few hours earlier by the White House and Republicans in the Senate, where Democratic allies of President Barack Obama have the majority.

House of Representatives, dominated by Republicans, should turn to approve the agreement, possibly in a vote to take place.

President of the House of Representatives John Boehner said earlier that the institution he leads will consider whether the agreement will be adopted by the Upper House. But finding a compromise in the House could prove difficult, according to Republicans refusing any tax increase.

The legislation would then go to President Barack Obama for promulgation.

Economists inside and outside government warned that without the agreement there is a risk of a new recession and rising unemployment as the U.S. economy would be allowed to fall into so-called “tax gap” of tax increases and reductions spending..

Under the new agreement, fees will remain the same for the middle class and it will be increased for an income of over $ 400,000 per person and  $ 450.00 for family – levels higher than those supported by President Barack Obama presidential campaign after which won another term in the White House.

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