WASHINGTON, D.C. – The House passed a $1.5 trillion tax bill Tuesday. The Senate is expected to follow.
NBC reports the bill slashes tax rates for corporations and provides new breaks for private businesses while reorganizing the individual tax code.
The bill is expected to be fast-tracked and on President Donald Trump’s desk for signing within a week. Passage of the Tax Cuts and Jobs Act would mark the biggest tax overhaul in a generation.
The House voted 227-203, with no Democrat support. Twelve Republicans voted against the measure.
The bill achieves a longtime goal of Republicans, reducing the corporate tax rate from 35% to 21%. Supporters argue this will make American business more competitive.
House Speaker Paul Ryan (R-Wis.) said the act will save a typical family $2,059 next year.
Democrats say the measure will benefit the wealthy while offering little for the middle class.
Read more: http://nbcnews.to/2BfmbO3
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