House Republicans pass tax reform bill


CNBC—To pass the tax plan, House Republicans overcame opposition from several members who live in high-tax blue states.

House Republicans Just Passed a Major Tax Reform Bill. House Republicans passed a major overhaul to the tax code today. The bill passed 227 to 205 on a party line vote, with a handful of Republicans, mostly from high-tax blue states, joining Democrats in opposition. The House plan cuts taxes by roughly $1.5 trillion over the next decade, with tax reductions for both businesses and individuals. The plan would slash the corporate tax rate from 35 percent down to 20 percent, and would condense the current seven individual income tax brackets into four...