House GOP Scores Victory In Passing Tax Overhaul

Republicans moved one step closer to achieving the top item on their legislative agenda as the House passed a bill to overhaul the tax code.

The Thursday afternoon vote was 227-205. Thirteen Republican congressmen broke ranks to oppose the bill and Democrats unanimously opposed it.

The House plan cuts the corporate tax rate from 35 percent to 20 percent, reduces household income-tax rates moderately and phases out the estate tax. It doubles the standard deduction, and changes some popular provisions such as the mortgage interest deduction. Others, such as the 401(k) tax benefit, are unchanged.

Senate Republicans are aiming to vote on their tax plan during the week after the Thanksgiving holiday.

If the Senate passes its bill, the next step will be conference negotiation between the two chambers over the final legislation.

President Donald Trump has stated he wants to see a tax reform bill on his desk before Christmas.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.