House Passes GOP Bill to Overhaul Tax System

House Passes GOP Bill to Overhaul Tax System

WASHINGTON—The House of Representatives passed a bill that would usher in the most extensive overhaul of the U.S. tax system in over three decades, a plan that would reduce the corporate tax rate to its lowest point since 1939 and cut individual taxes for most households in 2018. The bill would repeal the alternative minimum tax, increase the child tax credit, abolish the estate tax by 2025 and reform the U.S. policy with regard to taxing multinational corporations. The plan also would raise taxes on some individuals by removing personal exemptions/deductions for state and local income taxes, medical expenses and student loan interest. Overall, the bill would reduce federal taxes by $1.4 trillion over the next decade.

The passage of the bill in the House was a victory for the Republican leadership in Congress, along with President Trump. However, the bill looks much more uncertain as it heads to the Senate, where Republicans hold 52 seats, leaving little room for error.

Click here to read more about the GOP tax bill 

 

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