House passes GOP tax bill, sending it to Senate

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President Donald Trump is hailing the performance of the stock market as the House and Senate brace for votes that majority Republicans are confident will produce the most far-reaching overhaul of the USA tax code in decades.

Republicans are on the brink of sending President Trump their first bona fide legislative accomplishment, as both chambers of Congress prepare to pass tax reform on Tuesday.

That's quick compared to the last time the tax code underwent major changes, with the Tax Reform Act of 1986.

The controversial tax reform bill, also known as the Tax Cuts and Jobs Act, hasn't sat well with more than half of Americans, who say it would help neither their family's financial situation nor the USA economy, according to research by Gallup. Asked if he was concerned by recent polling that shows the bill to be broadly unpopular, Ryan said he had "no concerns whatsoever", and he blamed the perception on misinformation. "This is their money, after all", House Speaker Paul Ryan said shortly before the vote. "Results are going to make this popular", he said.

The tax bill lowers the corporate tax rate from 35% to 21%, eliminates the penalty under the Affordable Care Act for failing to have health insurance, a narrower estate tax, and cuts the top effective marginal tax rate for S corporations to a top rate of 29.6 percent, among other measures that gives the biggest breaks to the wealthiest individuals and companies. The plan also makes it harder for banks to deduct the costs of Federal Deposit Insurance Corp. premiums.

The House revote will occur on Wednesday.

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"I'm ready to vote", Republican Sen. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections. The $1,000 per child tax deduction would grow to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes.

Even with the compromises, though, the bill did have some dissenters among House Republicans. Ron Wyden, top Democrat on the Senate tax committee.

The House voted to pass the Republican-backed tax bill by a margin of 227 to 203, meaning it will likely become a law by the end of the year, pending the Senate's vote and Trump signing it into law.

But the deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000.

Vice President Mike Pence took the precaution of rescheduling a trip to Egypt and Israel for January so he would be on hand this week in case his tie-breaking voting power is needed to ensure Senate passage of the bill. But one no vote is all the Republicans can afford. Republican Senator Jeff Flake was still undecided on Tuesday. "This is a tax bill written for massive corporations and wealthy Republican campaign contributors, not for the average American".