GOP Tax Plan Passes in House, Senate to Vote Tuesday

GOP Tax Plan Passes in House, Senate to Vote Tuesday

GOP Tax Plan Passes in House, Senate to Vote Tuesday

That includes Sen. Bob Corker, the only Republican to vote against the Senate's initial tax bill, who said in a statement at the end of last week that he would back the new, compromise version, despite his earlier concerns about projections that the legislation would add almost $1.5 trillion to the deficit over a decade.

President Donald Trump is hailing the performance of the stock market as the House and Senate brace for votes that majority Republicans are confident will produce the most far-reaching overhaul of the US tax code in decades.

The Republican bill was approved on a 227-203 vote, with no Democrats supporting it. No Democrats voted for the bill. But Rep. Peter King, another New York Republican who plans to vote against the plan, says that Republican voters in his district won't count the bill as a win for the president.

The legislation also reduces tax rate for most individuals, although the tax cuts for individuals are set to expire.

Speaker Ryan was not concerned about the bill's unpopularity.

House Speaker Paul Ryan, R-Wis., spoke on the House floor moments before the vote and said the legislation will "help hard-working Americans who have been left behind for too long".

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Colin Parent, a councilman for the city of La Mesa, said the GOP tax plan would make it "harder for all ends of the housing ladder".

But three pieces of the bill, the Tax Cuts and Jobs Act (TCJA), were ruled to violate the Senate's Byrd rule and must be removed from the bill before it can be voted on in the upper chamber.

The tax bill lowers the corporate tax rate from 35% to 21%, eliminates the penalty under the Affordable Care Act for failing to have health insurance, a narrower estate tax, and cuts the top effective marginal tax rate for S corporations to a top rate of 29.6 percent, among other measures that gives the biggest breaks to the wealthiest individuals and companies. Though the plan includes a provision that increases the child tax refund, it will, like the rest of it, mostly benefit rich families. The bill makes $1,400 of the credit refundable, so families who pay little, or even zero, income tax are able to take advantage of the credit.

"I'm ready to vote", Republican Sen. Some members from high-tax states and cities, like New York, California, and New Jersey, voted against the bill Tuesday because of how it changes the State and Local Tax Deduction.

In June, the NBC/WSJ poll showed that Americans preferred Republicans over Democrats in handling the tax issue by 4 percentage points. In another tweet, Feinstein vowed to vote no when the bill reached the Senate. But one no vote is all the Republicans can afford. And Sen. Thad Cochran has also been dealing with illness, potentially leaving Republicans with just 50 votes and no margin for error.

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