Update: Bloomberg, NBC, Associated Press and the Wall Street Journal are reporting that the House will likely have to vote again on the tax bill it just approved. The issue is seen as a procedural hiccup, rather than anything that could jeopardize the legislation’s passage: see "McCarthy says House will have to vote again"

The House of Representatives passed by a 227-203 vote Tuesday H.R. 1, the Tax Cuts and Jobs Act.

The final GOP tax bill now moves to the Senate, where a vote is expected later in the day. President Donald Trump is expected to sign the legislation into law as soon as Wednesday.

In the House, 12 Republicans voted against the bill, while all Democrats voted no.

Last week, “we came together in a House-Senate Conference Committee — which I had the honor of leading — to deliver one unified, transformational tax reform bill for the American people,” said House Ways and Means Committee Chairman Kevin Brady, R-Texas.

“This bill is — and always has been — focused on delivering more jobs, fairer taxes, and bigger paychecks to hardworking Americans nationwide.”

But Democrats lambasted the bill Tuesday on the House floor before the vote.

“Republicans have made clear that cuts to Social Security, Medicaid and Medicare are next,” said Rep. Suzan DelBene, D-Wash.

“What happened to the postcard?” asked Rep. Richard Neal, D-Mass., referring to the simplification of tax filing that Republicans had promised.“You’re going to need a billboard to understand what’s in this bill.”

House Speaker Paul Ryan, R-Wis., countered in his Tuesday floor comments supporting the bill’s passage that “nearly nine out of 10 Americans will be able to do their taxes on a form the size of a postcard.”

With the bill, the Republicans are “adding $1.5 trillion to the national debt,” Neal added. “Merry Christmas.”

Rep. Steny Hoyer, D-Md., the minority whip, said that “history will indeed remember this vote,” stating that the legislation “increases taxes for 86 million middle-class households” and that it “will trigger a $25 million cut in Medicare.”

Hoyer called the legislation “dangerous and partisan.”

Rep. John Lewis, D-Ga., said he opposed the bill “with all the bones in my body,” calling it a “gift to Wall Street” and the rich that was “conceived in the dark of night.”

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Melanie Waddell

Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.