House Approves $1.5 Trillion In Tax Cuts
On Capitol Hill, Republican lawmakers are moving closer to pass a sweeping $1.5 trillion tax cut that largely benefits the wealthy and the nation’s largest corporations. The House passed its version of the bill on Thursday by a vote of 227 to 205. Thirteen Republicans joined Democrats in opposing the legislation. The massive tax cut was approved without the House holding a single hearing. Hours later, the Senate Finance Committee approved its own version of the bill, but it is unclear if the Republicans have enough votes for it to pass the full Senate. One of the biggest beneficiaries of the tax bill may be President Donald Trump’s own family. An NBCNews analysis based on his 2005 tax return found Trump would personally save $20 million under the House bill, while his heirs could save $1.1 billion. Meanwhile, the Senate plan will actually result in higher taxes for workers who earn less than $75,000 by 2027, according to a new analysis by the Congress Joint Committee on Taxation.