Wall Street’s three major indexes climbed to record closing highs on Friday with broad-based gains as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass. US congressional Republicans were expected to release final details of their plan late on Friday, with decisive votes planned for next week after lawmakers who had previously criticized the bill started to voice their support.
Republican Senator Bob Corker joined Senator Marco Rubio in signaling support in the late afternoon. Rubio had criticized the initial proposal, saying it did not give enough tax relief to working families, while Corker, had expressed concerned about the bill’s impact on the federal deficit.
The bill is expected to drop corporate tax rates to 21 percent from 35 percent and some investors are betting that companies will put most of the savings toward a boost in shareholder payouts.
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