Treasuries Close Firmly Negative As House Approves Tax Reform Bill

Image Bob Corker Donlad Trump ill tempered exchanges

The bill, which passed the House by a vote of 227-203, was the product of conference committee negotiations between House and Senate lawmakers to reconcile separate bills passed by the two chambers.

The House's vote puts the Republican Party and President Donald Trump on the brink of their first major legislative success of the year, one that's always been a priority for Ryan, many congressional Republicans, and the party's high-dollar donors.

Hours after celebrating one of the first legislative victories in the Republican controlled Congress, the House of Representatives will be forced to have a re-vote on its tax reform bill.

Democrats say the bill will deepen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion USA national debt. In the years immediately following passage of this bill, Americans earning between $20,000 and $30,000 will experience a 13.5 percent tax cut compared with an eight percent tax cut for the average American.

The plan - which maintains the same number of income tax brackets as under current law but adjusts their parameters - cuts individual tax rates, including slashing the top rate for the highest earners from 39.6% to 37% and shifting the top bracket up slightly to income over $600,000 for people filing jointly or $500,000 for single filers.

A Senate vote later in the day on Tuesday is expected to seal the deal.

House Speaker Paul Ryan, R-Wis., spoke on the House floor moments before the vote and said the legislation will "help hard-working Americans who have been left behind for too long".

Speaker Ryan was not concerned about the bill's unpopularity.

The House has passed a tax bill that will afford permanent breaks to corporations, temporary respite to individuals, and repeals the Affordable Care Act mandate. The "mudfest" on television makes it unpopular, he said, but when people see the tax plan's results, it will gain public support. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections.

"I'm ready to vote", Republican Sen.

In June, the NBC/WSJ poll showed that Americans preferred Republicans over Democrats in handling the tax issue by 4 percentage points.

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

"The Senate parliamentarian determined two minor provisions do not have budgetary impacts and had to be removed from the bill", the spokesperson told Business Insider. John McCain, who is in Arizona receiving care for complications from his cancer treatment, is not expected to be in Washington to vote for the bill, bringing Republicans' vote total to 51. Republican Senator Jeff Flake was still undecided on Tuesday.

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