iStock/Thinkstock(WASHINGTON) — House Republicans are poised to pass their tax plan Thursday, moving the party one step closer to reshaping the tax code by year’s end.
The proposal, called the Tax Cuts and Jobs Act, would add $1.4 trillion to the federal deficit over the next 10 years, while decreasing the number of tax brackets and deductions, and slashing the corporate tax rate to 20 percent.
House GOP leaders expect roughly a dozen Republicans to vote against the bill. At least eight Republicans from high-tax states such as New York and New Jersey have come out against the measure over concerns about the elimination of state and local tax deductions.
Complicating the bill’s ultimate success are attempts to align it with the Senate’s version of the plan. Though not yet set for a vote, the Senate bill faces its own concerns from a few GOP senators, and on Wednesday, Sen. Ron Johnson, R-Wis., became the first Republican in that chamber to express his outright opposition.
Two additional party members would sink that bill, given unanimous Democratic and independent opposition.
President Donald Trump visited the Capitol Thursday morning to speak with the House Republican Conference ahead of the vote.
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