House Prepares to Vote on Tax Bill - | SoKY Community, Events, Weather


House Prepares to Vote on Tax Bill

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Republicans are on the verge of passing tax reform legislation for the first time in decades.  The bill will be voted on today - and GOP leaders are confident they have the support to pass the legislation. 
The house is preparing to pass a nearly 1.5 trillion-dollar tax reform bill.
The tax bill reduces the rates at every income level.
It also doubles the standard deduction for individuals and families.
But the biggest winners are corporations which will see their rates slashed significantly.
House speaker Paul Ryan has spent his entire career working on tax reform.
It's not a clean sweep of republican support for the bill.  House members in high tax states such as New York, New Jersey and California say the cap on state and local income tax deductions hurts them the most.
Congress has passed bigger tax cuts before.
But that didn't stop president trump from celebrating on twitter, saying this is the "biggest tax cuts and reform ever passed. Enjoy, and create many beautiful jobs!"

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