ORLANDO, Fla. - The Senate approved a $1.5 trillion tax bill Saturday that would overhaul the nation's tax code and cut the corporate tax rate from 35 percent to 20 percent beginning in 2019.
President Donald Trump is suggesting he might be willing to negotiate changes to a significant portion of the tax overhaul -- the corporate tax rate.
Trump said he'd consider setting the corporate tax rate at 22 percent, compared to a 20 percent rate he's pushed for with lawmakers.
Trump said the business tax needs to come down from 35 percent to 20 percent.
"It could be 22 when it comes out, but it could also be 20." Trump said, "We'll see what ultimately comes out."
Channel 9 reporter Cierra Putman spoke with the director of the Institute for Economic Competitiveness at the University of Central Florida, Sean Snaith, who said the bill could benefit the state.
“We've seen average GDP growth of just 2 percent for the eight years of the economic recovery. I think this tax bill, what it does for consumers and businesses, will push growth well above 3 percent in 2018 and likely beyond," Snaith said.
But some residents said they’re unsure about what to expect.
"I think too many people are way still too uncertain, and I don' t really think we know yet what's in it," a resident named Bennie (no last name given) said.
"It's too early for me to tell," said resident Ricardo Butler.
Democrats and people such as Carlos Vasquez are unsure leery about dropping the corporate tax rate from 35 percent to 20 percent.
“I think it's a tax cut more tailored for the corporations and the rich people," Vasquez said.
But Snaith said his research shows the cut will spur the economy.
“Bring it back to the us and invest in that flood in investment. That raises worker productivity and worker productivity is what drives wages and salary," Snaith said.
However, Snaith said he doesn’t bank on corporations using that cash to increase wages “just because.”
Republicans said the cut will pay for itself, but the joint committee on taxation estimates it could add $1 trillion to the deficit.
Snaith said that depends on the economy, and that no one knows for sure.
He said most people will start seeing the break as soon as mid-2018.
However, the Senate and House still have to reconcile each others’ bills before the legislation can become law.
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