The House of Representatives passed its version of a tax overhaul Thursday, advancing a key Republican priority. The bill, called the Tax Cuts and Jobs Act, would cut the corporate rate to 20%; set up four tax brackets; and switch the U.S. to a so-called territorial tax system. House passage is just one step, however. The Senate Finance Committee is working on a separate measure that differs in key respects, notably by repealing Obamacare’s individual insurance mandate. The House and Senate must agree on a single measure before sending it to President Donald Trump. The House bill passed 227 to 205.
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