House passes first rewrite of tax bill in three decades

WASHINGTON (AP) — The House has passed the most sweeping rewrite of the nation's tax laws in more than three decades. The bill now goes to the Senate for an expected vote Tuesday evening.

The House approved the bill by a mostly party line vote of 227-203. The bill represents the first major legislative victory for President Donald Trump.

The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.

The bill would nearly double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.

Two Mahoning Valley congressman have differing reactions following the U.S. House of Representatives vote to approve the Tax Cuts and Jobs Act.

U.S. Rep. Tim Ryan of Howland, D-13th, said the bill will increase taxes on half of all Americans, decrease long-term economic growth and send the national debt “skyrocketing.”

“As the House took this final vote to raise taxes on hardworking people, families back in Youngstown and Akron are getting ready for the holidays,” Ryan said. “I wish Congressional Republicans cared as much about these men and women as they did about lining their donors’ pockets. But as this vote shows, clearly they do not.”

U.S. Rep. Bill Johnson of Marietta, R-6th, however, called the week a historic one for the American people with congress delivering real tax reform for the first time in over 30 years.

“The middle class – hardworking Americnas that are too-often left behind – will see tremendous tax relief,” Johnson said. “This legislation delivers higher wages, lower taxes, bigger take-home paychecks, a simpler and fairer system and a stronger economy across the board.”

President Donald J. Trump said he will sign the act into law as soon as it reaches his desk.