Republicans' Final Tax Bill Just Passed The House Of Representatives

Republicans' Final Tax Bill Just Passed The House Of Representatives

Republicans' Final Tax Bill Just Passed The House Of Representatives

The biggest overhaul of the USA tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it.

House Democratic Leader Nancy Pelosi called the bill a "Frankenstein monster" riddled with carve-outs and loopholes that falls far short of the Republican promise of simplifying the tax code.

The House voted to pass the Republican-backed tax bill by a margin of 227 to 203, meaning it will likely become a law by the end of the year, pending the Senate's vote and Trump signing it into law.

The plan includes a steep tax cut for businesses and temporary tax cuts for individuals. This legislation provides direct and immediate tax relief for individual Americans and American families by doubling the standard deduction and doubling the child tax credit to $2,000 per child with $1,400 being refundable for working families not earning enough to pay federal income taxes. Workers would start to see changes in the amount of taxes withheld from their paychecks in February. Immediately after the House vote, lawmakers and others from the Golden State offered their reactions and predictions on what the tax cuts could mean for Californians.

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Police removed the demonstrators from the visitors' gallery and debate proceeded, with Republicans and Democrats alternating in speaking about the $1.5 trillion package.

So-called pass-through businesses - companies organized as S-corporations, Limited liability corporations (LLC), sole proprietorships and partnerships, will be taxed at the individual rate of 20 percent rather than at the corporate tax rate. It was the realization of Ryan's years-long work on tax policy. "The Senate will still vote tonight, and the House will vote tomorrow to send the final bill to the President's desk". Those changes, however, expire at the end of 2025, while the bill cuts the corporate tax rate from 35% to 21% permanently.

Ryan rejected polling that shows the bill is widely unpopular.

The U.S. House of Representatives approved the final version of a GOP-backed tax plan Tuesday that would overhaul the nation's tax laws for the first time in decades.

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"That's just cherry-picking the numbers", Brady said.

"This monster will come back to haunt them", she said on the House floor. Biggest Tax Cuts and Reform EVER passed. Quickly following, a vote later in the day or on Wednesday in the Senate is expected to seal the deal. John McCain, who is in Arizona receiving care for complications from his cancer treatment, is not expected to be in Washington to vote for the bill, bringing Republicans' vote total to 51.

GOP holdouts, Senators Susan Collins (R-Maine), Mike Lee (R-Utah), and Marco Rubio (R-Florida) announced they will vote in favor, after securing concessions from fellow lawmakers.

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