House Republicans recently passed a new round of tax cuts that would extend many of the tax cuts that President Donald Trump passed into law indefinitely earlier this year. This bill removes a provision that scheduled most of the individual cuts to expire within ten years.
Although it passed through the House, it is unlikely that the Senate will take up the bill anytime soon, as this session of Congress is set to close before this kind of legislation can be voted on.
“This relief goes to middle-class families and low-income families working their way up,” said Rep. Kevin Brady, R-Texas, chairman of the Ways and Means Committee, of Friday’s measure. “Who do you trust: Washington to spend your money, or you and your family?”
The bill passed 220 to 191, mostly along party lines (although three Democrats did vote for it, and a handful of Republicans voted against it), and it was one of the final items that the House voted on before adjourning for each individual congressmen to campaign for their respective seats.
The tax bill that went into effect in January permanently cut the corporate tax rate from 35 percent to 21 percent. It also lowered the tax rates that individuals would pay, and it temporarily doubled the Child Tax Credit to $2,000 per child.
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