In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. "Passing this bill is the single biggest thing we can do to grow the economy, restore opportunity, and help these middle income families that are struggling,” House Speaker Paul Ryan says. The vote took place after Trump met with House Republicans, telling them, "I love you. Go vote." The Washington Post explains the contents of the bill, which includes more than $1.4 trillion in tax cuts, reduces the corporate tax rate from 35% to 20%, reduces taxes for the rich, and ultimately raises taxes on middle-income earners. The bill also reduces the number of tax brackets from seven to four and gets rid of popular tax deductions, the New York Times reports.
The vote was held two weeks after the bill was introduced with little analysis or debate. Now Senate Republicans have to pass their own tax bill and work out the differences with the House bill. That will be easier said than done. Support for the Senate bill is wavering, especially after a nonpartisan committee found that it would end up increasing taxes for low-income Americans in 2021 and for everyone earning less than $75,000 a year in 2027. Not to mention it repeals part of ObamaCare. If the Senate manages to pass its bill and rectify it with the House version, it would give Trump the first major legislative achievement of his presidency. The White House has been pressuring Republicans to get tax cuts passed by Christmas. (More tax cuts stories.)
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