House Passes $1.5T Tax Bill In Major Win For GOP
WASHINGTON (AP) – The House has passed the most sweeping rewrite of the nation’s tax laws in more than three decades. The bill now goes to the Senate for an expected vote Tuesday evening.
The House approved the bill by a mostly party line vote of 227-203. The bill represents the first major legislative victory for President Donald Trump.
The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.
The bill would nearly double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.