The Latest: GOP tax bill clears Congress, heads to President

WASHINGTON (AP) – Republicans in Congress have delivered an epic overhaul of U.S. tax laws to President Donald Trump, bringing generous tax cuts for corporations and the wealthiest Americans, and billions to be added to the national debt.

The $1.5 trillion package, billed as a huge boon for the middle class and a spark to economic growth, provides smaller tax cuts for middle- and low-income families.

The GOP-dominated House voted – a second time – along party lines on Wednesday to approve the complex legislation, following a narrow vote after midnight in the Senate.

The measure slashes the corporate income tax rate from 35 percent to 21 percent. The tax cuts for business are permanent, but reductions for individuals and families expire after a decade.

The standard deduction used by around two-thirds of Americans will nearly double to $24,000 for married couples.

We welcome thoughts and comments from our viewers. We ask that everyone keep their remarks civil and respectful. Postings that contain profanity, racist, or potentially libelous remarks will be deleted. We will delete any commercial postings, as well.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s