House Passes Tax Reform Bill

Posted: Nov 16, 2017 2:01 PM

The Republicans' $1.5 trillion tax cut plan passed the House Thursday by a vote of 227-205.

A few hours before it passed, President Trump met with Republicans on Capitol Hill to preview how the tax reform package would positively impact American families. It was a "pep rally" before the big vote, according to one representative.

House Speaker Paul Ryan expanded on those positive points with the help of several charts in his closing remarks on the House floor ahead of the vote.

"The biggest relief goes to those who need it most," Ryan noted.

For instance, a family of four making $59,000 a year will see a nearly $1,200 tax cut. 

"We dramatically simplify the tax code" with this bill, the speaker continued.

In addition, the bill will lower the corporate tax rate from 35 percent to 20 percent, and nine out of ten Americans will be able to fill out taxes on a form the size of a postcard.

The Senate will be voting on its own version of the bill, but a few late additions are stoking some controversy.

For instance, the GOP announced that the bill will include a repeal of Obamacare's individual mandate. Republicans in favor of adding the provision reasoned that the revenue saved from the mandate could pave the way for more tax breaks and allow them to save the adoption tax credit - an important item for social conservatives. Yet, revisiting the health care debate is likely to turn off some moderate Republicans.

Other Republicans have voiced their own grievances with the bill. Republican senator Ron Johnson (WI) came out strongly against the tax reform plan Wednesday, arguing it favors corporations at the expense of other businesses.

Nor were all House Republicans on board with the bill that passed today. In a statement posted on his official website, Rep. Darrell Issa (CA) explains why he was a "no."

"I didn't come to Washington to raise taxes on my constituents and I do not plan to start today," said Congressman Issa. "It's disappointing that the bill approved today will not provide the same tax relief to Californians as it does to the rest of the nation. California families are being crushed under the constant barrage of tax increases coming out of Sacramento's tax factory on everything from their everyday purchases, paychecks and yes even their gasoline. Constituents in my district have picked up extra shifts, stayed late, and worked hard only to see less and less of their take-home pay as taxes have skyrocketed across the state. My constituents deserve to see a tax cut too. Before reform reaches the President’s desk, I will continue fighting for changes to deliver tax relief for ALL taxpayers -- regardless of where they live."