The House on Tuesday approved a massive tax overhaul that would usher in steep rate cuts for American companies, double the deduction millions of families claim on their annual returns and make a host of other changes as part of the biggest rewrite of the tax code since the Reagan administration.
The bill passed on a 227-203 vote.
The $1.5 trillion bill, presuming it clears the Senate as expected, would hand President Trump his first major legislative victory just days before year’s end and the congressional recess.
“Today, we are giving the people of this country their money back,” House Speaker Paul Ryan, R-Wis., declared Tuesday on the House floor.
At an earlier press conference, Ryan said “families at every income level get a tax cut,” vowing a family of four making the median income would see a tax cut worth over $2,000.
“This is real relief, and people are going to see this in their paychecks before too long,” Ryan said. “… This is the greatest example of a promise being made and a promise being kept.”
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