December 19 at 2:25 PM
The House of Representatives passed Republicans’ sweeping tax overhaul on Tuesday, sending the plan to the Senate and setting the stage for the bill to be signed by President Trump as early as this week.

The bill passed the House 227 to 203. All but 12 Republican members voted for the bill. Zero Democrats supported it.

“This is about expanding opportunity to people who are striving to make the most of their lives,” House Speaker Paul D. Ryan (R-Wis.) said before the vote Tuesday. “We know in this country that we’re not reaching our potential. And we know one of the greatest things we can do to do that is to pass this tax reform bill”

House Speaker Paul D. Ryan (R-Wis.) listens during a news conference after a GOP conference meeting at the U.S. Capitol on Tuesday. (Andrew Harrer/Bloomberg)

“Congress is standing at the doorstep of a historic opportunity,” Senate Majority Leader Mitch McConnell (R-Ky.) said as he announced plans for the Tuesday night vote. “Here’s what we set out to do: Take money out of Washington’s pockets and put it pack in the pockets of middle-class Americans.”

Trump has for months pushed Congress to send him a tax plan by Christmas, and its passage would represent Republicans’ first major legislative victory since taking control of Congress and the White House in January.

The core of the tax plan, which was unveiled in final form on Friday, is a massive and permanent cut to the corporate tax rate, dropping it from 35 percent to 21 percent. Other businesses would receive large cuts, as well.

The plan would also cut individual tax rates for all income tax levels. The largest cuts would go to the wealthy, but in 2018 nearly all Americans will see their income taxes go down, according to a nonpartisan analysis of the final plan released Monday. Families earning less than $25,000 a year would receive an average tax cut of $60, while those earning more $733,000 would see an average cut of $51,000, according to the nonpartisan Tax Policy Center.

Many of the individual tax breaks are set to expire in coming years. Republicans set those expiration dates to comply with Senate limits on how much their bill could add to the nation’s deficit. They say a future Congress will extend them or make them permanent. Without that promised intervention, the measure would raise taxes on 53 percent of Americans by 2027, according to the center’s report.

More about this at the Washington Post article here: https://www.washingtonpost.com/business/economy/gop-tax-bill-headed-for-quick-passage-in-house-senate-on-tuesday/2017/12/19/61f83dac-e4cf-11e7-9ec2-518810e7d44d_story.html?hpid=hp_rhp-top-table-main_taxreform-105pm%3Ahomepage%2Fstory&utm_term=.3a2123384440