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News from the U.S. capital kicks off our coverage. That's where Republicans in the House of Representatives passed major legislation yesterday aimed at reforming the nation's taxes. The final vote was 227 yeas, in favor, to 205 nays, against. Everyone who supported it is a Republican. Everyone who opposed it is a Democrat, plus 13 Republicans who joined them.
Some highlights of the bill:
It would reduce the number of U.S. tax brackets from seven to four. It would result in most American taxpayers owing less in income tax. It would also permanently reduce the corporate tax rate from 35 percent to 20 percent. That's a tax that businesses pay on their profits. Republicans say all this would grow the economy, encourage businesses to hire and pay more, and help the middle class families who are struggling. Democrats say the bill would mostly help corporations and wealthier Americans and add trillions to the national debt.
Tuesday's passage is seen as a big win for Republicans in the House, but it doesn't mean tax reform has been passed. The Senate has its own plan that it's working on, and if senators pass it, the House and Senate would then have to reconcile, shape their separate bills into one plan that passes in both chambers on its way to President Donald Trump's desk.
