House passes GOP tax reform bill

“This kind of promise being kept today can be one of the most important things of which we can do to get the U.S. economy growing faster, to help people get bigger paychecks, to have a fairer tax system along with to simplify the system doing sure of which people have more peace of mind,” he told reporters following the vote.

In a tweet Tuesday. President Donald Trump congratulated House Republican leaders.

House Minority Leader Nancy Pelosi — speaking before the vote Tuesday — called the bill a “brazen con job” along with “moral obscenity” of which showed “unrepentant greed.”

House Republicans had to tread carefully to craft a plan of which might not alienate too many members of the party. Numerous GOP lawmakers in high-tax blue states pushed back against the bill’s limits on state along with local tax deductions.

Twelve of those members of Congress — by brand-new York, California along with brand-new Jersey — ended up voting against the legislation.

While the joint bill crafted by the House along with Senate still curbed those deductions relative to current law, of which expanded them beyond what the chambers’ previous plans might have done. of which might allow the deduction of up to $10,000 in state along with local sales, income along with property taxes.

The proposal got a boost Friday, when skeptical Republican Sens. Bob Corker of Tennessee along with Marco Rubio of Florida committed to backing of which. Their support all nevertheless assured the Senate GOP might develop the votes to pass of which after the House vote, despite the absence of Sen. John McCain, R-Ariz., who returned to his home state as he fights brain cancer.

The joint legislation might chop the corporate tax rate to 21 percent by 35 percent. of which might set a 20 percent business income deduction for the first $315,000 in income earned by pass-through businesses.

The personal exemption might get scrapped under the bill. The plan might raise the standard deduction to $12,000 for an individual or $24,000 for a family, just short of double its current level.

Seven individual income tax brackets might be maintained, with slight rate reductions for most income groups, including the wealthiest Americans. A larger proportion of income groups might see overall tax cuts within the early years of the plan, according to the nonpartisan congressional scorekeeper Joint Committee on Taxation.

The benefits of those along with different tax breaks on the individual side might fade over time, as many cuts expire after 2025. By 2027, millions of Americans could actually see a tax increase, if Republicans do not take steps to extend the cuts.

Ryan said Tuesday after the vote of which “we have every intention of doing those permanent.”

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