House Republicans pass tax reform bill

 

 

OK, so this thing is happening. (For the moment.) Let’s see how long it takes for the Senate to blow things up.

 

(From CNBC)

The tax reform plan passed the chamber with 227 votes in favor and 205 against.

To pass the bill, the House GOP had to overcome opposition from several of its members who live in high-tax blue states. Those lawmakers objected to the proposal’s curb on popular state and local tax deductions.

The House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and nearly double the standard deduction.

The vote marks a significant achievement as Republicans push to put a tax bill on President Donald Trump‘s desk by Christmas.

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