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Category:Types of penis surgeryThe Republican-led House on Wednesday passed a sweeping tax cut that was billed as a makeover of the outdated corporate tax code and a one-time gift to workers.
The vote was 217 to 213, with 10 Democrats joining most of the GOP in voting for the bill. Democrats said they were voting for the plan because it would not raise taxes and the GOP is saying it will provide $1,000 bonuses to some Americans.
The final bill is a product of negotiations between the House and Senate and appears to be a compromise to win votes from both sides. In a two-hour debate, Democrats pointed out many of the items in the bill could be subject to tax hikes down the road.
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Democrats have said they believe the bill could be used as a vehicle to repeal the Affordable Care Act and replace it with a system that would largely take away Americans' health care coverage.
The plan would make permanent several tax breaks, while repealing others and significantly reducing the corporate tax rate from 35 percent to 21 percent. The bill would double the standard deduction and limit the ability of taxpayers to itemize their deductions, with the tax break going away for households that file taxes jointly.
Republicans have been promising a tax overhaul for years, arguing that a lower corporate tax rate will encourage companies to invest in new equipment, facilities and other capital spending.
The bill also contains several other elements:
It repeals several individual tax breaks that are set to expire, including a deduction for medical expenses and a tax break for owners of businesses building or expanding factories.
It replaces the current inflation measure with a measure that freezes the consumer price index. That measure, known as the chained CPI, is believed to be a more accurate measure of inflation.
It would allow the taxpayer to deduct the full cost of tuition and other education expenses from his or her federal income taxes.
The corporate tax cuts are expected to cost the government $1.4 trillion over 10 years. The average GOP lawmaker voted for a bill be359ba680
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