With a vote of 227 to 203, the House of Representatives today passed the most sweeping rewrite of the nation’s tax laws in more than three decades, The Washington Post reports.
The $1.5 trillion plan is now on its way to the Senate and could be on President Donald Trump’s desk as early as this week. While all but 12 Republicans voted for it. zero Democrats supported the plan.
The Senate is planning to vote tonight.
President Trump has for months pushed Congress to send him a tax plan by Christmas, and its passage would represent the first major legislative victory by Republicans since taking control of the government in January.
The core of the tax plan is a massive and permanent cut to the corporate tax rate, dropping it from 35% to 21%. Other businesses would receive large cuts as well.
The plan also would cut individual tax rates for all income tax levels. The largest cuts would go to the wealthy, but, in 2018, nearly all Americans would see their income tax go down, according to a nonpartisan analysis of the final plan released Monday. Less certain is whether those lower taxes will continue for many filers down the road.
