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Business & Economy

Business & Economy

The Big Story

House GOP moves Trump tax cuts through committee

The House Ways and Means Committee advanced a slew of President Trump’s top tax priorities Wednesday, setting the stage for a high-stakes sprint to get the provisions through the GOP’s razor-thin majority.

© Greg Nash

The panel advanced the legislation — part of the party’s package containing Trump’s legislative agenda — in a party-line 26-19 vote following an hourslong, overnight meeting that featured heated debate, scores of Democratic-led amendments, all of which were rejected, and ample estimates of the impact of the proposed policy.

The tax bill now heads to the House Budget Committee, which is tasked with combining all the portions of the Trump agenda bill into one package in advance of its consideration in the entire chamber.

The tax legislation, which spans 389 pages, makes the 2017 income tax rates permanent — a top priority for Trump and congressional Republicans — implements some of the president’s campaign promises including no tax on tips or overtime through 2028 and temporarily increases the child tax credit, among several other provisions.

The road ahead, however, remains rocky.

The Hill's Mychael Schnell and Tobias Burns explain why here.

Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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