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20 December 2017, 01:22 | Myrtle Vega
Image via AP
The bill's main features are cuts in the corporate tax rate, an end to the estate tax, a reduction in rates for most tax filers and an increase in the individual exemption.
The bill would almost double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.
President Trump and Republicans crowed that their cuts will give most Americans an immediate tax cut next year, and that its steep cuts to corporate tax rates would create jobs, grow paychecks, and deliver a big boost to the economy.
The top Democrat on the House Ways and Means Committee, which drafted the bill, said Republicans falsely promised their revision would simplify taxes so much that it would allow people to file taxes on a postcard.
Following the vote in the House, the Senate is expected to approve the bill later in the day by a narrow margin.
The House's vote puts the Republican Party and President Donald Trump on the brink of their first major legislative success of the year, one that's always been a priority for Ryan, many congressional Republicans, and the party's high-dollar donors.
The plan - which maintains the same number of income tax brackets as under current law but adjusts their parameters - cuts individual tax rates, including slashing the top rate for the highest earners from 39.6% to 37% and shifting the top bracket up slightly to income over $600,000 for people filing jointly or $500,000 for single filers.
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Despite many state residents' concerns over losing the full deductibility of local and state taxes and lower mortgage tax deduction limits, 12 Republican representatives from California voted in favor of passing the bill. That has helped fuel its deep unpopularity, according to polls that show only a minority of Americans support it - just 33 percent according to a CNN poll released Tuesday. Analaysts say the tax cuts will cost the USA government $1.5 trillion in revenue over the next decade, The New York Times reported.
"Today, we are giving the people of this country their money back", said Ryan whose remarks were interrupted by protestors shouting from overhead viewing galleries.
"For a lot of folks its going to be the Democrats who get the luxury - just as Republicans have had for awhile with President Obama - of just saying 'No, everything is awful.' And unfortunately that sort of fits the mood of the country", said McHenry.
Several protesters have briefly disrupted House debate on the tax bill, yelling, "kill the bill".
The GOP did not, in the end, do much to simplify the tangled USA tax code.
The Democratic opposition has denounced the measure as most benefiting companies and the wealthiest Americans - including Trump himself. "Who's going go to be great again here? It's a way to anchor a populist overall flipping of his fundamental frame".
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