In a high-stakes party-line vote, the Republican-controlled House passed a sweeping overhaul of the tax code Thursday that dramatically cuts the top corporate rate and lowers rates for individuals and families while taking away deductions and credits.The 227-205 tally was a victory for House Speaker Paul Ryan, R-Wis., who needed to show his party could deliver on a major campaign promise and produce a significant legislative win for President Trump. But House passage is only the first step in what could be a tough and combative process.White House press secretary Sarah Huckabee Sanders hailed the House vote as a “big step forward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year.” ”A simple, fair, and competitive tax code will be rocket fuel for our economy, and it’s within our reach,” Sanders said in a statement. “Now is the time to deliver.”Whether Thursday’s vote is a sign that one-party government under Trump has started to click — or whether it’s a pyrrhic victory that founders in the Senate like the GOP’s earlier attempt to repeal and replace the Affordable Care Act — will be decided in coming weeks.Senate Republicans are drafting a bill with divergent individual tax rates,… Read full this story
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