House of Representatives passes tax reform bill

The House passed tax reform legislation Thursday by a vote of 227-205, with 13 Republicans voting against the bill, as the Senate Finance Committee continued debating and marking up a significantly different version of the bill.

The Tax Cuts and Jobs Act has tax rates of zero, 12, 25 and 35 percent, along with a rate of 39.6 percent for high-income taxpayers. The bill roughly doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. It also establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents afford the cost of raising children, while providing a credit of $300 for each parent and non-child dependent to help families with everyday expenses. The bill also preserves the Child and Dependent Care Tax Credit, the Adoption Tax Credit and the Earned Income Tax Credit, and continues the deduction for charitable contributions.