Congressional Republicans took important steps on Thursday toward the biggest U.S. tax-code overhaul since the 1980s, with the House of Representatives approving a broad package of tax cuts, and a Senate panel advancing its own version of the legislation sought by senior lawmakers and President Donald Trump.
The House vote shifted the tax debate to the Senate, where a tax-writing panel finished debating and approved a bill late Thursday evening. That measure has already encountered resistance from some within the Republicans ranks. Full Senate action is expected after next week’s Thanksgiving holiday.
Four Republican senators—enough to derail the legislation—have been talking privately about opposing the bill because it would balloon the federal deficit.
Congress has not thoroughly overhauled the sprawling U.S. tax code since Republican Ronald Reagan was president. The House measure is not as comprehensive as Reagan’s 1986 package, but it is more ambitious than anything since then.
Read more in Reuters.
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