GOP poised to roll $1.5 trillion tax bill through House, Senate

GOP poised to roll $1.5 trillion tax bill through House, Senate

GOP poised to roll $1.5 trillion tax bill through House, Senate

The final vote in the House was 227-203 with a vote in the U.S. Senate expected to soon follow. Immediately after the House vote, lawmakers and others from the Golden State offered their reactions and predictions on what the tax cuts could mean for Californians.

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.

With the GOP unable to send the American Health Care Act to the White House, passage of the tax overhaul would finally furnish a decisive legislative victory for the president, closing out one of Trump's chief campaign promises just before Christmas.

Republicans' tax plan - which would steeply and permanently reduce taxes for corporations, while temporarily cutting taxes for many individuals - passed the House of Representatives Tuesday afternoon.

Since the bill must be altered, the House will be forced to vote again to pass an identical version of the bill. If the legislation survives any potential Democratic procedural challenges in the upper chamber, the president could sign the bill as early as Wednesday.

The controversial tax reform bill, also known as the Tax Cuts and Jobs Act, hasn't sat well with more than half of Americans, who say it would help neither their family's financial situation nor the US economy, according to research by Gallup.

According to the 1,097-page bill released late Friday, today's 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. All individual tax breaks expire at the end of 2025, while the corporate tax reductions will remain.

Following the vote in the House, the Senate is expected to approve the bill later in the day by a narrow margin. Asked if he was concerned by recent polling that shows the bill to be broadly unpopular, Ryan said he had "no concerns whatsoever", and he blamed the perception on misinformation.

Protesters briefly interrupted the proceedings, chanting "kill the bill!" right before Speaker of the House Paul Ryan (R-Wisconsin) made his speech on the House floor. "Results are going to make this popular", he said. Twelve Republicans also voted against the measure. Marco Rubio and Mike Lee, congressional negotiators temporarily expanded the Child Tax Credit in the bill from the current $1,000 per child to up to $2,000 per child. Arizona Republican John McCain will miss the GOP tax bill vote.

Vice-President Mike Pence took the precaution of rescheduling a trip to Egypt and Israel for January so he would be on hand this week in case his tie-breaking voting power is needed to ensure Senate passage of the bill. Republican Senator Jeff Flake was still undecided on Tuesday.

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