House to re-vote on Republican tax bill on Wednesday

Washington, Dec 20 (IANS) The House of Representatives will re-vote on Wednesday on the Republicans' tax bill, though the legislation is still expected to pass both chambers in Congress and be on President Donald Trump's desk in the next 24 hours, the media reported.

A version of the bill passed along sharp partisan lines, 227-203, with 12 House Republican members opposing the legislation, and no Democrats voting for it, earlier on Tuesday, reports CNN.

But shortly after debate started in the Senate, the House Majority Leader's office advised its conference to be prepared to vote on Wednesday citing Senate rules that would likely strip out certain parts of the final bill in order to pass with a simple majority.

The Senate is expected to clear the bill later by early Wednesday morning, with Vice President Mike Pence presiding over the vote.

After the bill clears the House, the measure will then head to the President's desk for his signature before the Christmas holiday.

As House Republicans prepared to vote on the tax bill the first time, Speaker Paul Ryan was seated next to the conservative House Freedom Caucus Chairman Mark Meadows, a North Carolina Republican.

The two men went head to head at certain points on health care and spending bills, but on tax reform, the House Freedom Caucus has worked hand in glove with leadership.

Ryan spoke from the floor and said that this vote on the tax bill is a "generational defining moment".

"This is without question the single most important thing we can do to once again make America the best place to do business," Ryan said.

Meanwhile, protesters were repeatedly removed from the chamber for shouting "kill the bill, don't kill us", in the minute before the House vote.

The plan, which critics say is heavily weighted to ease the tax burden of businesses rather than the middle class, drops the corporate tax rate down from 35 to 21 per cent, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed, reports CNN.

The bill keeps seven personal income tax brackets, and lowers that tax rates for most brackets, including dropping the top rate to 37 from 39.6 per cent.

It would also reduce tax breaks important to states and cities with higher taxes by placing a $10,000 cap on the deduction for state and local and taxes.

The bill would also repeal ObamaCare's individual mandate and open up a section of the Arctic National Wildlife Refuge for drilling.