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House passes tax overhaul bill, Senate is next

Staff Writer |
The House of Representatives passed a sweeping tax overhaul bill, moving the legislation on to the Senate for consideration.

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The bill passed 227-203. The 500-page, $1.5 trillion bill lowers the corporate tax rate from 35 percent to 21 percent, and the top individual tax rate from 39.6 percent to 37 percent.

"Today, we are giving the people of this country their money back," House Speaker Paul Ryan, R-Wis., said from the House floor prior to the vote.

The Senate was expected to pass the vote Tuesday night. Even if all 48 Democrat senators vote against the tax bill, Republicans expect to have enough votes to pass it.

The only Republican senator not committing to voting 'yes' is Jeff Flake of Arizona. Sen. John McCain also won't vote for the bill because he's recovering from chemotherapy to treat brain cancer.

Senate Finance Committee Chairman Orrin Hatch is defending a late change to the upper chamber's version, which gives breaks to real estate companies.

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