BREAKING: House Passes $4 Trillion 2018 Budget
The House of Representatives on Thursday passed a $4 trillion 2018 budget, bringing the Republican-controlled Congress one step closer to passing tax reform legislation.
The House voted 216-212 in favor of the budget legislation, which the Senate approved earlier, CNN reported.
Twenty Republican lawmakers voted against the bill. Most GOP opponents voted against the legislation because the proposed tax reform framework would get rid of the state and local tax deduction, which many in high-taxed states like New York, New Jersey and California heavily rely upon.
Eliminating SALT, however, would result in an estimated $1 trillion in more federal revenue over a period of ten years. That amount would help pay for the $1.5 trillion that Republicans plan to cut in taxes over a decade.
In addition to eliminating state and local tax deductions, CBS News reported that the legislation:
Details of the Republicans’ tax reform legislation could be unveiled as soon as this week with the goal of passing the bill by the end of the year.