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. (Photo: Shutterstock)

(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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