Republicans have submitted a large-scale tax bill to Congress

Republican Congressmen have submitted a large-scale tax bill to the House of Representatives of the US Congress. This was announced on Monday, May 12, according to the Reuters news agency.

The bill proposes to introduce new tax breaks for income in the form of tips, overtime pay, tuition fees at private schools, pensioners, as well as state and local taxes.

"The bill submitted by the tax committee of the House of Representatives included many of the election promises of US President Donald Trump," the material says.

The authors of the document also propose to exempt interest payments on car loans from taxation until 2028, with some exceptions.

The leaders of the Republican Party faction in the House of Representatives hope to approve the initiative by May 26. After that, it is expected to be adopted in the Senate of the Congress.

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Earlier, on April 2, Trump announced large-scale measures: base tariffs of 10% are being introduced for all products supplied to the United States. For Europe, this figure has been raised to 20%. In his speech, the president called April 2 the day when Americans will become rich again.

Later, on May 12, the American president said that trade with the European Union (EU) was more disgusting to him than with China. Trump clarified that the EU was forcing American pharmaceutical companies "to do what they didn't like to do." The President added that European countries also often sued American companies, while resorting to using their own judges.