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US House passes tax cut plan

Washington, Nov 17 (IANS) The US House of Representatives on Thursday voted to approve a Republican-crafted package of tax cut plan overhauling corporate and personal taxes.

The largely along-party-line vote marked a key milestone for US President Donald Trump and his fellow Republicans, as they considered this legislative achievement as a major push for their quest to cut taxes for businesses and individuals, Xinhua reported.

The Senate is discussing its own version of tax cut plan and it’s not clear whether the Republicans in Senate could secure enough votes to pass it.

The House-version tax cut plan is estimated to bring $1.4 trillion to fiscal deficit over the next decade.

Bipartisan studies showed that the benefits of the tax cuts would eventually go to the highest earners, while some middle-class households might pay higher taxes.

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