The Latest on the House’s tax bill (all times local):11:50 p.m.
A majority of House Republicans on Thursday passed their tax-cut bill with overwhelming bipartisan support.
House Speaker Paul Ryan (R-Wis.) had to break a tie to advance the bill to the Senate.
The measure was passed by a vote of 233-207 with Vice President Mike Pence casting a tie-breaking vote, according to the House Democratic leader, Nancy Pelosi.
Ryan said he hopes to sign the bill into law by Thanksgiving.
He said he expects the Senate to take up the bill by Friday afternoon.
A bipartisan group of lawmakers, led by Reps.
Mike Pompeo (R), R-Kan., and Kevin Brady (R) introduced the House tax-reform bill in January, arguing that the legislation would raise taxes on the wealthy.
The legislation would repeal many of the tax cuts passed by President Donald Trump, including the tax on capital gains and dividends, a reduction in the corporate tax rate from 35 percent to 20 percent, and a repeal of the Alternative Minimum Tax, or AMT, which is a tax on the amount individuals and corporations pay when they pay income taxes.
The bill would also repeal the estate tax and the Alternative Earnings Tax Credit, which provides incentives to work and save for retirement.
The House’s measure also would phase out the estate and alternative minimum tax.
Pompeo and Brady said they are looking forward to working with Democrats to pass the legislation with Republicans holding only a slim 52-48 majority in the House.
The GOP bill has the support of just a handful of House Democrats, including Rep. Peter King (R., N.Y.), who has been critical of Trump’s tax plan.
The White House and House Democrats are also moving quickly to secure the support from Senate Democrats.
Senate Minority Leader Chuck Schumer (D-N.Y.) is expected to announce Thursday he will bring up the legislation as soon as Friday afternoon, according on a Democratic aide.
The Democratic aide said Schumer is considering a vote on the bill Thursday afternoon.
House Democrats will likely be able to push for the Senate’s approval in the coming days, as Senate Minority Leader Charles Schumer (left) and Sen. Bernie Sanders (D, Vt.) meet in the Senate chamber Thursday.
| AP Photo House passes tax-credits bill, but Democrats say they are open to negotiating.
House Majority Leader Kevin McCarthy (R, Calif.) announced the passage of the House-passed legislation Thursday.
McCarthy said he’s open to working on the final bill with Republicans but warned that they will not be able support the bill if Democrats do not negotiate.
House Minority Leader Nancy Pelosi (D., Calif.) told reporters Thursday that the bill will be sent to President Donald Trumps desk and President Donald J. Trump will sign it.
She said Democrats will have to negotiate with the president and make sure they can pass the bill with the support and votes of Republicans, adding that it will be a “great day” for American families.
Pelosi said Trump will be “very proud of this legislation” because it will lower taxes on American families, increase their wages and protect the middle class.