House Republicans on Thursday passed the Senate’s 2018 $4 trillion budget resolution, providing a boost to President Donald Trump’s push for tax reform.
While 20 Republicans opposed the bill, it narrowly passed with a 216-212 vote amid tensions over the budget’s impact on deficits and the debt.
The House endorsed the budget without changes after it passed in the Senate last week.
President Donald Trump promptly tweeted his excitement over the big next step on the way toward tax reform, a goal Republicans have been pushing to accomplish for years.
Big news – Budget just passed!
— Donald J. Trump (@realDonaldTrump) October 26, 2017
However, some House Republicans voiced their reservations over the budget, with Rep. John Faso (N.Y.) stating he couldn’t support the bill due to the elimination of the SALT deduction.
“We must provide middle-class tax relief and lower the burdens on job-creating small businesses. I could not, however, vote in support of a budget resolution that singled out for elimination the ability of New York families to deduct state and local taxes,” Faso said.
House Ways and Means Committee Chairman Kevin Brady (R-Texas) called the bill’s passing a “legislative runway for pro-growth tax reform.”
“Our successful vote will allow us to move forward quickly on delivering the first overhaul of America’s tax code in more than three decades,” Brady added.
Rep. John Yarmuth (D-Ky.) said the planned tax cuts “will not a create an economic boom, but will instead lead to a higher concentration of wealth among the rich, while dramatically increasing deficits and debt.”
As the battle of tax reform heats up, Republican tax scribes have yet to settle on the crucial details of a tax bill. However, Republicans are expected to roll out more details from the tax overhaul in early November.