House Passes Tax Cuts and Jobs Act

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On Thursday afternoon, November 16th, the House passed the Tax Cuts and Jobs Act with a vote of 227 to 205. The vote was mainly along party lines with no Democrats voting for the Bill and thirteen Republicans voting against the Bill. An area of concern for Republicans voting against the Bill appears to be the itemized deduction for state and local taxes which has been a hot topic in the House of Representatives throughout the process.

Before any tax reform becomes law, the Senate must work through their own bill which is currently with the Senate Committee on Finance; however, the House passing their bill is an important step towards tax reform.