House passes tax bill in first step toward historic overhaul
House Republicans passed their version of legislation to overhaul the U.S. tax code, adding an estimated $1.4 trillion to the federal deficit over the next decade.
By Anna Edgerton|November 16, 2017 at 09:24 AM
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(Bloomberg) — House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade.
The vote Thursday represents a key milestone in President Donald Trump’s quest to cut taxes for businesses and individuals — though challenges remain for the GOP’s far-reaching tax plans to fundamentally reshape aspects of the U.S. economy.
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