ML-Implode News - House Republicans Pass $1.5 Trillion Tax Overhaul; Senate Set To Vote Tuesday Night

According to a new report from the nonpartisan Tax Policy Center, the plan would overwhelmingly benefit the richest Americans. In 2018, the center estimates, the average household would get a tax cut of $1,610, but the average household earning more than $1 million would get a tax cut of nearly $70,000.
However, the bill makes most individual tax changes temporary, setting them to expire after 2025, while making corporate tax cuts permanent. Republicans did this so that the bill could meet budgetary rules they had set out for themselves.

That early sunset of individual tax cuts means that, come 2027, more than half of Americans could see a tax increase, according to the Tax Policy Center report.

Speaking to reporters after the House vote, Ryan said that Republicans intend to eventually extend those provisions.

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House Republicans Pass $1.5 Trillion Tax Overhaul; Senate Set To Vote Tuesday Night