Republican tax bill passes House: What California leaders say will happen next

President Donald Trump.   Getty Images

President Donald Trump. Getty Images

The compromise, conference bill came after the House and Senate passed their own similar but separate tax plans over the last few weeks, and it is created to win over shakey Republicans in the Senate.

The lower close by treasuries came after House Republicans voted to approve the first major tax reform legislation in several decades, cutting tax rates for businesses and individuals. The bill represents the first major legislative achievement for the GOP after almost a full year in control of Congress and the White House.

The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where it will be voted on later in the evening, according to Majority Leader Mitch McConnell.

The bill passed along partisan lines at 227 for and 203 against.

Democrats say the bill will deepen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion US national debt.

The Senate will still vote on the bill Tuesday night before passing it back to the House. House Speaker Paul Ryan of Wisconsin said it would cut a typical, median-income family's taxes by more than $2,000 each year and provide "real relief" for those struggling to make ends meet. And the effects of the tax cuts will change dramatically after 2025 when individual income tax cuts are scheduled to expire, reported the WSJ.

Trump Lashes Out At 'FAKE NEWS' Washington Post Over Misleading Photo
Weigel confirmed that the tweet was a mistake and apologized for issuing the photo. Trump tweeted from his Florida estate, where he was spending the weekend.

Ryan rejected polling that shows the bill is widely unpopular.

Colin Parent, a councilman for the city of La Mesa, said the GOP tax plan would make it "harder for all ends of the housing ladder".

Rubio relented in his high-profile opposition after negotiators expanded the child tax credit, and he said he would vote for the measure next week.

The bill also matches the version passed by the Senate in doing away with the Affordable Care Act's individual mandate to obtain insurance, effectively making the tax bill double as Republicans' biggest blow to Obamacare. In the years immediately following passage of this bill, Americans earning between $20,000 and $30,000 will experience a 13.5 percent tax cut compared with an eight percent tax cut for the average American. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections. Though the plan includes a provision that increases the child tax refund, it will, like the rest of it, mostly benefit rich families.

But the deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. In another tweet, Feinstein vowed to vote no when the bill reached the Senate. Republican Senator Jeff Flake was still undecided on Tuesday. John McCain, who is in Arizona receiving care for complications from his cancer treatment, is not expected to be in Washington to vote for the bill, bringing Republicans' vote total to 51.

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