[ad_1] Trump Breaking News Network — House Gives Trump Big Win on Tax Reform.
By Jason Hopkins .
In a major win for Republicans, the House of Representatives voted Thursday to pass their version of tax reform.
The vote fell along party lines, with the final count being 227-205. No Democrats supported the bill.
The bill’s passage followed a rare visit by President Donald Trump to Congress earlier Thursday in an effort to boost support for the major tax overhaul, something Republicans desperately want accomplished.
Generally, the GOP proposal would cut the corporate tax rate from 35 percent to 20 percent and reform how profits from international subsidiaries are taxed. Individual income earners would see their rates lowered and simplified.
The vote secured House Speaker Paul Ryan’s stated goal of having tax reform completed in the House by Thanksgiving. The president has called for tax reform to be sitting on his desk, ready for his signature, by the Christmas holiday.
Besides issues some GOP House members from high-tax states — such as California and New York — had with the bill’s elimination of state and local tax deductions, passage in the lower chamber always appeared likely.
“I think the health care debacle helped us prepare for this one,” Florida GOP Rep. Dennis Ross stated to CNN on Wednesday, referring to the battles the GOP endured with the Obamacare repeal.
“I think all the members also realize that this is very crucial, that we need a tax bill out of here, and I think that’s why there’s not a lot of angst over whether we have the votes tomorrow. I think we’ll be right on target.”
With tax reform in the House out of the way, all eyes are on the Senate. However, tax reform’s chances in the upper chamber appear to be more of a toss-up.
With a slim 52-48 majority, Senate Republicans cannot afford to lose many GOP defections, assuming no Democrats vote in favor of the legislation.
Ron Johnson, a Republican senator from Wisconsin, became the first Republican to announce opposition to the Senate’s version of the tax bill, claiming it doesn’t do enough to help small business.
“I’m just looking for a fair shake for all businesses to maintain the competitive balance and position of all businesses,” Johnson said Thursday, also adding: “I’m not for the current version.”
However, the senior senator from Wisconsin said he is open to supporting an altered version of the tax bill
Changes to the final bill will more than likely happen as the Senate and House negotiate the differences between their two versions.
One notable difference between the Senate and House bills: repeal of the health care mandate.
The Senate version of the tax bill includes a repeal of one of the most unpopular provisions of the Affordable Care Act — the requirement for every American to purchase health insurance or else pay a fine. The House version, however, includes no such repeal.
While many conservatives are hailing the inclusion of mandate repeal, some moderate GOP senators may be spooked by adding Obamacare reform into the mix.
While Ryan ultimately chose not to include the repeal in the House version, he is open to the idea, telling media outlets that he is taking a wait-and-see approach on how things pans out in the Senate.
After failing to pass health care reform, Republicans are desperately looking at tax reform as their major goal this legislative session. If tax reform is passed in both chambers of Congress, leaders from the Senate and House will meet in conference to settle on a uniform bill to send to the president.
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