Sweeping US tax reform package draws mixed reactions

New York

IS IT a giveaway to the rich or a relief for the middle class? A boon for business or unnecessary stimulus for an economy already at full employment?

The sweeping tax reform package adopted by a slim margin of 51-49 early Saturday by the Republican-controlled Senate has sparked fierce debate among economists.

It also has yet to be reconciled with a separate version passed by the House of Representatives.

But the proposal's main planks included a reduction in corporate tax rates from 35 to 20 per cent, increasing some deductions for individual taxpayers while eliminating many others and reducing taxation on partnerships.

The White House portrays the new tax package as the largest tax cut in US history and says it is aimed at spurring growth and producing higher wages and corporate pro…