House Republicans successfully passed their wide-ranging tax plan Thursday, moving the party one step closer to reshaping the tax code by year’s end.
The proposal, called the Tax Cuts and Jobs Act, would add $1.4 trillion to the federal deficit over the next 10 years, while decreasing the number of tax brackets and deductions, and slashing the corporate tax rate to 20 percent, if it eventually becomes law.
House GOP leaders expected roughly a dozen Republicans to vote against the bill. At least nine Republicans from high-tax states like New York and New Jersey came out against the measure ahead of the vote over concerns about the elimination of state and local tax deductions.
The final tally included 13 Republicans voting in opposition, including 12 from New York, New Jersey or California; Rep. Walter Jones, R-N.C., was the other GOP "nay" vote. The bill passed 227-205.
Complicating the bill's ultimate success are attempts to align it with the Senate's version of the plan. Though not yet set for a vote, the Senate bill faces its own concerns from a few GOP senators, and on Wednesday, Sen. Ron Johnson, R-Wis., became the first Republican in that chamber to express his outright opposition.
Two additional party members would sink that bill, given unanimous Democratic and independent opposition.
President Donald Trump visited the Capitol Thursday morning and spoke with the House Republican Conference ahead of the vote.
from ABC News: Politics http://ift.tt/2ASMNAC
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