WASHINGTON: The US House of Representatives approved a package of tax cuts affecting businesses, individuals and families on Thursday, moving Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation. The House measure is not as comprehensive as Reagan’s 1986 sweeping package, but it is more ambitious than anything since then. It also would scale back or end some popular tax deductions, including one for state and local income taxes, while preserving a capped deduction for property tax payments. Democrats have pointed to analyses showing millions of Americans could end up with a tax hike because of the elimination of popular deductions. “It’s a shameful piece of legislation, and the Republicans should know better,” House Democratic leader Nancy Pelosi told lawmakers before the vote.

Source: The Star November 16, 2017 18:56 UTC