House Republicans pass $1.5 trillion tax reform bill
House Republicans passed their $1.5 trillion tax overhaul bill 227-205 on Thursday as the GOP presses to land the legislation on President Trump's desk before the end of the year, The New York Times reports. Thirteen Republicans and 192 Democrats voted against the bill.
"I just have too many constituents who are going to see their taxes go up," explained New York Republican Rep. Lee Zeldin.
The Senate is working on its own version of the legislation, and major differences with the House bill will have to be reconciled before it goes to the president. For example, the Senate version leaves seven tax brackets, versus the House proposal's four brackets, and it lowers the top rate for wealthy individuals to 38.5 percent from 39.6 percent.
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The Senate has less room for party defections, too, with a mere 52-to-48 margin, and with two Republican senators already criticizing the proposal on Wednesday, questions may arise over whether the legislation can pass in its current form. Read more about the differences between the House and Senate tax overhaul plans at The Week.
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