House Republicans passed their party's $1.5 trillion tax plan Tuesday, sending the bill along to the Senate, where it could face a vote as soon as Tuesday evening. The measure passed 227-203, with 12 Republicans voting with all Democrats against the measure.
"Today we are giving the people of this country their money back," House Speaker Paul Ryan said in a triumphant speech before the vote.
If subsequently approved by the Senate, as expected, the tax bill will be the first big legislative win for Republicans this year. It slashes the corporate tax rate to 21 percent from 35 percent, lowers the top rate for the richest Americans, and gives more modest temporary tax cuts to everyone else. By 2027, however, taxes will go up for everyone earning up to $75,000. It is projected to add $1.46 trillion to the deficit over 10 years.
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