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House approves US tax Bill

The House Bill is estimated to increase the federal deficit by nearly $1.5 trillion over 10 years

David Morgan & Amanda Becker | Reuters  |  Washington 

Congressional Republicans took important steps on Thursday toward the biggest US 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 ...

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First Published: Sat, November 18 2017. 00:21 IST