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- The House passed the Tax Cuts and Jobs Act on Tuesday by a vote of 227 to 203.
- The bill would provide the biggest overhaul for the US tax code in a generation.
- The TCJA will next head to the Senate for a vote later on Tuesday.
The House passed the massive GOP tax bill on Tuesday, putting Republicans on the precipice of their biggest legislative victory of President Donald Trump's presidency and a once-in-a-generation overhaul of the federal tax code.
The bill, the Tax Cuts and Jobs Act (TCJA), passed by a vote of 227 to 203. It now heads to the Senate, where Majority Leader Mitch McConnell expects a vote later Tuesday. President Donald Trump could sign it as soon as Wednesday. House Speaker Paul Ryan, who has fought to rewrite the tax code for much of his nearly two decades in office, announced the legislation's passage on the House floor, triumphantly banging his gavel announcing the vote totals. Twelve House Republicans voted against the bill, largely because of its tweak to the state and local tax deduction. GOP lawmakers from states with higher taxes, such as California and New York, did not believe a compromise to allow resident to deduct up to $10,000 in state and local taxes was a fair solution for their constituents. The TCJA would overhaul the tax system for both businesses and individuals. The federal corporate tax rate would be cut to 21% from the current 35%. It also would repeal Obamacare's individual mandate that requires most people to have insurance, and brings down taxes on individuals until 2026. Republicans have argued the bill, if law, would help boost the economy and help middle-class families. Democrats and critics argue that the bill will favor the rich and corporations, while doing little to nothing to help the middle class. According to nonpartisan analyses, every income level would see an immediate tax cut, but the gains would eventually tilt towards wealthier Americans. The bill is projected to add roughly $1 trillion in new debt over the next 10 years, according to research, despite the GOP's insistence that the legislation would pay for itself. Republicans immediately cheered the passage of the bill, with House Ways and Mean Chair Kevin Brady — an author of the bill — saying it would be beneficial for all Americans. "Today, the House took action on once-in-a-generation legislation that will dramatically improve the lives of hardworking people in Texas and across the country," Bready said in a statement. Democrats, on the other hand, blasted the bill including House Speaker Nancy Pelosi. "There are few things more disturbing than hearing the swell of cheers from the @HouseGOP as they raise taxes on 86 million middle class families. #GOPTaxScam," Pelosi tweeted after the vote. The bill's passage comes after a blitz from Republicans to get it through Congress in a matter of weeks. The original House version of the TCJA was introduced just under seven weeks ago, and the process has moved at lightning speed. SEE ALSO: A key report shows the final GOP tax bill boosting the US economy — but by well less than Republicans promised | 
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