House passes sweeping GOP tax overhaul

Cropped Photo: Arturo Pardavila III / CC BY 2.0 (MGN)

The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people.

Posted: Nov 16, 2017 7:43 PM
Updated: Nov 16, 2017 7:44 PM

WASHINGTON (AP) - The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people. It puts GOP leaders closer to delivering to President Donald Trump a crucial legislative achievement after nearly a year of failures.

The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades.

Most of the House bill's reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.

Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated. But projected federal deficits would grow by $1.5 trillion over the coming decade.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

11/16/2017 12:52:20 PM (GMT -6:00)

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