WASHINGTON (AP) — The House has passed the most sweeping rewrite of the nation’s tax laws in more than three decades. The bill now goes to the Senate for an expected vote Tuesday evening.
The House approved the bill by a mostly party line vote of 227-203. The bill represents the first major legislative victory for President Donald Trump.
The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.
The bill would nearly double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.
U.S. Representative Evan Jenkins (R-W.Va.) issued the following statement today after the U.S. House of Representatives passed the conference report for the Tax Cuts & Jobs Act:
“This bill is a result of working closely with President Trump to craft job-creating tax reform that works for West Virginia’s families and small businesses. The Tax Cuts & Jobs Act means that our middle-class families will keep more of their money. A single parent of two children who earns $52,000 will get to keep nearly $1,900 more of their hard-earned money, thanks to this bill. We will also help our state’s economy continue to grow by encouraging companies to invest in America and create jobs here at home. I’m looking forward to seeing this bill on the president’s desk before Christmas so we can deliver tax cuts in the new year,” Rep. Jenkins said.