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US House of Representatives approves tax cut plan (Lead)
Washington, Nov 17 (IANS) The US House of Representatives has approved its version of tax cut plan in an along-party-line vote and delivered a major legislative achievement.
The 227-205 vote on Thursday marked a key milestone for US President Donald Trump and his fellow Republicans, as they considered this legislative achievement as a major push for their quest to cut taxes for businesses and individuals, Xinhua news agency reported.
The House-version tax cut plan is estimated to bring $1.4 trillion to fiscal deficit over the next decade. Bipartisan studies showed that the benefits of the tax cuts would eventually go to the highest earners, while some middle-class households might pay higher taxes.
The tax plan consolidates individual tax brackets to four from seven and reduce the corporate tax rate from 35 per cent to 20 per cent, its lowest point since 1939.
It also eliminates a number of tax breaks and deductions, increases the child tax credit, abolishes the estate tax by 2025 and changes the US system for taxing multinational corporations.
“Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity, to help these middle-class families that are struggling,” House Speaker Paul Ryan told lawmakers before the vote.
The White House argued that the corporate tax cut could boost US economy to increase by 3 per cent to 5 per cent in the long term, and American annual household income could increase by an average of $4,000.
According to the estimates by the think tank Tax Policy Center, the tax cut plan would reduce taxes on average for all income groups in 2018 and 2027. However, the largest cuts, in dollars and as a percentage of after-tax income, would accrue to higher-income households.
All Democrats in the House chamber voted against the plan. They called the plan a giveaway to wealthy business owners and warned that it would drive the country deeper into debt.
The focus now turns to the Senate. The Senate is discussing its own version of tax cut plan and it’s not clear whether the Republicans in Senate could secure enough votes to pass it.
Senate Republicans are aiming to vote on their tax plan during the week after the Thanksgiving holiday.
If the Senate passes its bill, the two chambers on the Hill will have to reach a final version of the legislation which needs to go through both chambers again.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.