House of Representatives Passes Tax Reform Bill

The U.S. House of Representatives just passed a tax reform bill by a vote of 227 to 205. The measure would reduce the number of brackets from seven to four, lower the rate for corporations from 35 percent to 20 percent, and eliminate some deductions. The bill also eliminates the so-called death tax.

No Democrat voted for the bill, and the GOP made sure that no Democratic votes were necessary. They adopted a budget resolution in October to allow the bill to pass with a simple majority in the Senate.

The Hill reported that 13 Republicans voted against the bill. An excerpt:

“Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity and help these middle-income families who are struggling,” Speaker Paul Ryan (R-Wis.) said ahead of the vote.

Once the bill reached the magic number for passage, Republicans in the chamber erupted into applause.

Democrats mockingly joined in, with some singing “na na na na, hey hey, goodbye,” like they did when the chamber passed an ObamaCare repeal bill earlier this year.

House passage of the tax bill, which was unveiled just two weeks ago, was relatively drama-free compared to the GOP’s failed efforts to repeal ObamaCare earlier this year.

Republicans in blue states California, New Jersey, and New York were particularly concerned about eliminating deductions.

The measure would eliminate the deduction for state and local income and sales taxes and cap the property-tax deduction at $10,000.

“I just have too many constituents who are going to see their taxes go up or not see the benefit of the tax relief,” said Rep. Lee Zeldin (R-N.Y.).

Senate Republicans have their own tax bill, which is currently being considered by the chamber’s tax-writing committee.

GOP lawmakers wanted to accomplish something since dragging their feet on repealing Obamacare, a move that should have been simple and quick, considering Congress sent a repeal bill to the former president’s desk.

The Senate will work on its version of the bill, which reportedly would eliminate the Obamacare individual mandate.

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