U.S. House Passes Plan To Overhaul Tax Code

The U.S. House of Representatives on Thursday (Nov. 16) passed its version of President Donald’s Trump agenda-topping tax reform legislation. The measure garnered the full party support of Arkansas’ congressional delegation.

In a vote largely along party lines, the House approved the president’s attempt to overhaul the U.S. tax code for the first time in 31 years by a tally of 227-205, with 13 GOP representatives joining a block of congressional Democrats to oppose the bill.

The legislation, known as the Tax Cut and Jobs Act, would reduce the number of tax brackets from seven to four, maintaining the top marginal rate at 39.6%, and almost double the standard deduction, the amount that can be removed from one’s income before taxes. Under the bill, the U.S. corporate tax rate would be reduced from 35% to 20%.   MORE

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