WASHINGTON — The House passed a sweeping $1.5 trillion tax bill on Tuesday that slashes tax rates for corporations, provides new breaks for private businesses, and reorganizes the individual tax code.
With the Senate expected to follow suit as soon as Tuesday night, President Donald Trump could sign the package, dubbed the Tax Cuts And Jobs Act, into law before week's end. It would mark his first significant legislative accomplishment and the biggest tax overhaul in a generation.
The Republican bill was approved on a 227-203 vote, with no Democrats supporting it. Twelve Republicans also voted against the measure.
The bill, the product of negotiations between the House and Senate, achieves longtime Republican goals, including a permanent reduction in the corporate tax rate from 35 percent to 21 percent that supporters argue will make American business more competitive overseas.
Many pass-through businesses also receive a more complicated 20 percent deduction, which became a subject of fierce debate after the final bill added a provision likely to benefit real estate companies like Trump's.
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."
"Today, we are giving the people their money back," he said, adding that a typical family would get a $2,059 tax cut next year.
Democrats opposed the legislation as a boon to the wealthy while offering little for the middle class, with House Minority Leader Nancy Pelosi, D-Calif., calling it "the worst bill to ever come to the floor of the House."
For the latest click here.