Trump lauds passage of GOP tax overhaul

Trump lauds passage of GOP tax overhaul

The bill includes a permanent corporate tax cut and eliminates the mortgage interest deduction.

President Donald Trump departs after a closed-door meeting about the tax bill with House Republicans on Capitol Hill. Bipartisan studies showed that the benefits of the tax cuts would eventually go to the highest earners, while some middle-class households might pay higher taxes.

The House measure would collapse today's seven personal income-tax rates into four: 12, 25, 35 and 39.6 percent.

It also eliminates a number of tax breaks and deductions, increases the child tax credit, abolishes the estate tax by 2025 and changes the USA system for taxing multinational corporations. It's a bill that would do real damage to the American economy.

According to the estimates by the think tank Tax Policy Center, the tax cut plan would reduce taxes on average for all income groups in 2018 and 2027. It happened with a Republican bill to repeal Obamacare earlier this year, and it happened with an aggressive climate bill when Democrats controlled the House during the Obama presidency.

Embiid's career-high 46 lead 76ers past Lakers 115-109
Brown before the game on the composure displayed by Simmons: "He really doesn't get rattled". He didn't play in the fourth quarter for a second straight game.

The focus now turns to the Senate.

On Thursday, the House of Representatives voted 227-205 to pass major tax reform legislation.

Republicans controlling the Senate 52-48 can approve the legislation with just 50 votes, plus tie-breaking support from Vice President Mike Pence.

Following the passage of the House tax reform bill, Bishop Frank Dewane, head of the USA bishops' Committee on Domestic Justice and Human Development, labeled the bill as "deeply flawed" and called on the Senate to "pass a law that demonstrates that our nation prioritizes care for the most vulnerable among us".

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