Final tax reform bill passes House, now moves to Senate

House Speaker Paul Ryan of Wis. center leaves the House Chamber after voting on the Republican tax bill Tuesday Dec. 19 2017 on Capitol Hill in Washington. Republicans muscled the most sweeping rewrite of the nation’s tax laws in more than three

The bill makes $1,400 of the credit refundable, so families who pay little, or even zero, income tax are able to take advantage of the credit. More holdout GOP senators- moderate Susan Collins of ME and Mike Lee of Utah - came into the fold on Monday.

The Senate, where the vote appears to be tighter, will vote on the measure later Tuesday night after a period of floor debate, the chamber's Majority Leader Mitch McConnell said.

Despite many state residents' concerns over losing the full deductibility of local and state taxes and lower mortgage tax deduction limits, 12 Republican representatives from California voted in favor of passing the bill.

The bill would bring average initial tax cuts for Americans across all income lines, but by 2027, it would boost average levies for everyone earning up to $75,000, which includes most taxpayers, Congress' nonpartisan tax analysts estimated Monday.

The House's vote puts the Republican Party and President Donald Trump on the brink of their first major legislative success of the year, one that's always been a priority for Ryan, many congressional Republicans, and the party's high-dollar donors.

The plan - which maintains the same number of income tax brackets as under current law but adjusts their parameters - cuts individual tax rates, including slashing the top rate for the highest earners from 39.6% to 37% and shifting the top bracket up slightly to income over $600,000 for people filing jointly or $500,000 for single filers.

Speaker of the House Paul Ryan R-Wis. joined at right by House Ways and Means Committee Chairman Kevin Brady R-Texas meets reporters just after passing the Republican tax reform bill in the House of Representatives on Capitol Hill in Washington Tue

The Republican plan is projected to add almost $1.5 trillion to the national debt over the coming decade, according to the Joint Committee on Taxation, but that figure drops to about $1 trillion when economic growth is taken into consideration. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections. North Dakota Senator John Hoeven said the loss of Section 199 would be offset by a new provision that would prevent higher taxes for cooperatives and their farmer members.

A Senate rule will force two sections of the bill to be dropped from the Senate version. On the eve of passage of Obama's signature health care law, Gallup found that 46 percent of Americans supported its passage, while 48 percent opposed it - and the law proved to be a political albatross hanging around Democrats' neck for the next eight years.

But by 2023, people making under $30,000 would see tax increases, while those earning more would see their tax cuts get smaller. The goal of tax reform was to help those who have been struggling to get by get ahead, this bill does that.

The final vote in the House was 227-203 with a vote in the U.S. Senate expected to soon follow. The NCBA said the bill has provisions "that will benefit family ranchers and farmers, including expansion of key provisions livestock producers rely on, like cash accounting, bonus depreciation, and Section 179", which allows speedy depreciation of purchases of new or used equipment and off-the-shelf software. Rep. Peter King conveyed what people in his Long Island, New York district were telling him about the tax bill: "Nothing good, especially from Republicans". The cap remains in the final bill.

Vice President Mike Pence, who is president of the Senate, would be called on to cast the deciding vote in case of a deadlock.

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