House Passes Tax Cuts and Jobs Act
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The House passed the Tax Cuts and Jobs Act on Thursday, the bill features massive tax cuts for middle-class families and small businesses.
The House passed the Tax Cuts and Jobs Act 227-201, almost entirely on partisan lines. Thirteen Republicans voted against the bill, while 190 Democrats voted against the tax reform legislation.
The Tax Cuts and Jobs Act will collapse the income taxes’ four brackets into four: 12 percent, 25 percent, 35 percent, and 39.6 percent for the wealthiest Americans. The tax plan will also raise the standard deduction to $12,000 from $6,350 for individuals, and from $12,700 to $24,00 for married couples. The tax plan will also permanently and immediately cut the corporate tax rate from 35 percent to 20 percent. The House plan will also expand the child tax credit from $1,000 to $1,600 and the plan will eliminate the estate tax, also known as the death tax.
House Speaker Paul Ryan professed on the House floor on Thursday, “Passing the Tax Cuts and Jobs Act today is the single biggest thing we can do to help middle-income families in America.”
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