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US House approves biggest tax overhaul in 30 years; Senate next

The plan includes steep tax cuts for corporations and wealthy taxpayers, repeals a section of the Obamacare health system and allows oil drilling in Alaska's Arctic National Wildlife Refuge,

Reuters  |  Washington 

The Republican-controlled US House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where lawmakers were due to take up the package later in the evening. The biggest overhaul of the US tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday if both chambers of Congress approve it. With Treasury Secretary Steven Mnuchin watching from the gallery, the House passed the bill by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted ...

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First Published: Wed, December 20 2017. 03:08 IST