The House passed a sweeping $1.5 trillion tax bill on Tuesday that slashes tax rates for corporations, provides new breaks for private businesses and reorganizes the individual tax code.
But just a few hours later, House members learned they would have to vote on the bill again on Wednesday. Democrats in the Senate persuaded the chamber’s parliamentarian that several minor provisions in the House bill violated Senate rules, forcing the House into an embarrassing second vote.
One of those provisions would allow 529 savings accounts, which are now used for college tuition, to help finance home schooling. Another would exempt a small tuition-free college in Kentucky from a new tax on endowments.
The Senate was expected to pass the bill on Tuesday after stripping out the provisions struck down by the parliamentarian. The Senate’s bill will then go back to the House for a final vote, after which President Donald Trump could sign the package, dubbed the Tax Cuts And Jobs Act, into law before week’s end. It would be his first significant legislative accomplishment and the biggest tax overhaul in a generation.
The Republican bill was approved on a 227-203 vote in the House, with no Democrats supporting it. Twelve Republicans also voted against the measure. – READ MORE
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