HOUSE OF REPS/TAXES: “The House of Representatives passed a bill that would usher in the most far-reaching overhaul of the U.S. tax system in 31 years, a plan that would reduce the corporate tax rate to its lowest point since 1939 and cut individual taxes for most households in 2018.
The bill would repeal the alternative minimum tax, increase the child tax credit, abolish the estate tax by 2025 and transform the U.S. system for taxing multinational corporations. The plan also would raise taxes on some people by removing personal exemptions and deductions for state and local income taxes, medical expenses and student loan interest. On the whole, the bill would reduce federal taxes by $1.4 trillion over the next decade.
The 227-205 House vote was a victory for Speaker Paul Ryan (R., Wis.) and President Donald Trump, who rallied Republicans in the Capitol before the vote. Republicans want to finish the new tax law before the year ends. They are banking on it to spur faster economic growth and see it as essential to retaining control of both chambers of Congress in next year’s elections.
Thirteen Republicans voted against the bill; no Democrats voted for it.”
-Richard Rubin and Siobhan Hughes, “House Passes GOP Bill to Overhaul Tax System,” The Wall Street Journal online, Nov. 16, 2017 10:48pm