WASHINGTON — A House panel has approved far-reaching Republican legislation to deeply cut taxes for corporations, double the personal standard deduction and simplify the tax code.
The House Ways and Means Committee voted 24-16 along party lines to deliver the complex measure to the full House. It would shrink the number of income brackets from seven to four. The Republicans promote the nearly $6 trillion measure as a boon to the middle class. Democrats say it’s a tax bounty for the rich.
Republicans are pushing to drive the legislation through Congress and get it to President Donald Trump by Christmas.
The bill would reduce personal taxes for many but also limit deductions for homeowners and end them for people with steep medical bills and student loans. It would increase the child tax credit.
