House Republicans Pass Tax Reform House Republicans Pass Tax Reform – NTK Network

House Republicans Pass Tax Reform

House Republicans passed their tax reform plan on Thursday with 227 votes in favor and 205 against.

By NTK Staff | 11.16.2017 @2:25pm
House Republicans Pass Tax Reform

House Republicans passed their tax reform plan, which will cut taxes for businesses and individuals, on Thursday with 227 votes in favor and 205 against.

The Republican plan that passed the House, on Thursday would lower the corporate tax rate from 35 percent to 20 percent. It would reduce the number of individual tax brackets from seven to four, eliminate the personal exemption, and nearly double the standard deduction.

Republicans hope to have a tax bill for President Trump to sign by Christmas, and the passage of the Republican plan through the House is a significant step toward achieving that goal.

Senate Republicans hope to pass their tax reform plan after the Thanksgiving recess.

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