House passes sweeping GOP tax bill, Senate to follow

House passes sweeping GOP tax bill, Senate to follow

Now the biggest reshaping of the US tax code in three decades could be on a clear path to presidential signing into law. The bill could soon become law, with a Senate vote expected Tuesday night. The bill represents the first major legislative victory for President Donald Trump. Middle-income taxpayers would pay about $930 less than under current law, or about 1.6 percent of after-tax income, the Tax Policy Center says.

The biggest winners are business owners, corporate shareholders, and many workers who will see reduced tax withholding from their paychecks.

The bill would almost double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.

The compromise, conference bill came after the House and Senate passed their own similar but separate tax plans over the last few weeks, and it is created to win over shakey Republicans in the Senate. It was the realization of Ryan's years-long work on tax policy. "You're lying!" one woman shouted. She was escorted out of the chamber by Capitol Police.

Even with the compromises, though, the bill did have some dissenters among House Republicans.

Several of the lawmakers are being targeted in the 2018 election by the national Democratic Party. It carries a margin for error of 3.27 percentage points.

A sweeping tax package speeding its way through Congress has cleared a key procedural vote in the House. No Democrats voted for the bill.

The bill passed the House by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it.

The bill would almost double the standard deduction used by most taxpayers, which those who itemize would lose some deductions.

At a news conference Tuesday morning, members of the GOP hailed the bill that would slash taxes for businesses and the wealthy while offering modest cuts for other Americans.

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

The House was expected to vote around 2 p.m.

This story will be updated with the latest developments in the U.S. Senate vote.

"The tax bill will help make American businesses of all sizes more competitive, add more jobs, and increase wages", Tim Pawlenty, CEO of the Financial Services Roundtable, said in a press release.

"That's just cherry-picking the numbers", Brady said.

It's not expected to win any Democratic votes.

"This monster will come back to haunt them", she said on the House floor. In reality, Richard Neal of MA said, "You're going to need to carry a billboard around with you" to understand what's in the bill.

The president adds, "Immediate expensing will have a big impact".

The Tax Cuts and Jobs Act (TCJA) will now be sent to the Senate. "Enjoy. And create many lovely JOBS!" "This is a tax bill written for massive corporations and wealthy Republican campaign contributors, not for the average American".

Both votes appear likely to fall largely along party lines.

The Senate result was in doubt in recent weeks.

GOP holdouts, Senators Susan Collins (R-Maine), Mike Lee (R-Utah), and Marco Rubio (R-Florida) announced they will vote in favor, after securing concessions from fellow lawmakers. More holdout GOP senators- moderate Susan Collins of ME and Mike Lee of Utah - came into the fold on Monday.

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