HOUSE OF REPS/TAXES: “The House passed a sweeping rewrite of the tax code on Thursday, taking a significant leap forward as Republicans seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
The House voted to 227 to 205 to approve the bill, shortly after Mr. Trump came to Capitol Hill to address House Republicans.
Thirteen Republicans voted against the bill, and zero Democrats voted for it…
The House tax bill, which passed in the Ways and Means Committee last week, would cut taxes more than $1.4 trillion over 10 years. It cuts the corporate tax rate to 20 percent from 35 percent, collapses the number of tax brackets to four from seven, switches the United States to an international tax system that is more in line with the rest of the world, and eliminates or scales back many popular deductions, including one for state and local taxes paid.”
-Thomas Kaplan and Alan Rappeport, “House Passes Tax Bill in Major Step Toward Overhaul,” The New York Times online, Nov. 16, 2017 10:48am