Finally we're getting somewhere with tax reform

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SlugSlinger

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House Republicans pass tax reform bill

House Republicans on Thursday passed a monumental bill to cut taxes on businesses and individuals, the biggest step yet in the GOP's once-in-a-generation effort to overhaul the American tax system.

The tax reform plan passed the chamber with 227 votes in favor and 205 against.

To pass the bill, the House GOP had to overcome opposition from several of its members who live in high-tax blue states. Those lawmakers objected to the proposal's curb on popular state and local tax deductions.

The House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and nearly double the standard deduction.

The vote marks a significant achievement as Republicans push to put a tax bill on President Donald Trump's desk by Christmas. Trump, who along with most congressional Republicans ran on a pledge to trim taxes, went to Capitol Hill to push GOP lawmakers to support the bill before the vote.
 

John6185

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I'm not sure if tax reform is good, the national debt is far higher that ever to the point of endangering national security and they want to cut taxes. It'd seem to me that they'd want to raise taxes to cut the deficit but I'm of the opinion that politicians would use the increase to buy votes to stay in power. Cut taxes would stimulate the economy but in the long run....
 

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