House Passes $1.5 Trillion Tax Reform Bill

Republican Congress members in the House of Representatives passed a $1.5 trillion tax reform bill last evening.

This marks a major victory for the GOP, which has struggled to pass other major pieces of legislation, such as healthcare.

CBS News reports that the bill passed mostly along party lines 227-205. The bill would cut the corporate tax rate to 20 percent and implement other provisions aimed at helping businesses.

Before the vote, House Speaker Paul Ryan (R-WI) talked about the need to grow the economy, and said this bill would help to kickstart job growth and help the middle class.

"This [economy] has been way under its potential. It's been growing at a limp 1 to 2 percent," stated Ryan. "Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity and help those middle income families who are struggling," he continued.

Democrats, on the other hand, said the bill would only help the wealthy. "Republicans have brought forth a bill that is pillaging the middle class to pad the pockets of the wealthiest and hand tax breaks to corporations shipping jobs out of America," stated House Minority Leader Nancy Pelosi (D-CA).

According to CNBC.com, the bill also passed the Finance Committee, and will now go on to the Senate for approval. President Trump also supports the legislation.

Photo courtesy: Getty Images

Publication date: November 17, 2017