The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people. It puts GOP leaders closer to delivering to President Donald Trump a crucial legislative achievement after nearly a year of failures.
The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades.
Michigan Congressman Mike Bishop, voting in support of the measure, said “Bold, transformational tax reform is about giving hardworking Americans of all walks of life the confidence they need to make their dreams a reality. I’ve seen it work in Michigan, and we can absolutely do it at a national level.”
Rep. Bishop added he believes it is “time to unleash the economy’s fullest potential” and that Congress is “telling America that we’re ready to deliver real relief”.
Most of the House bill’s reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.
Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated. But projected federal deficits would grow by $1.5 trillion over the coming decade.