House approves biggest tax overhaul in 30 years

The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where lawmakers were due to take up the package later in the evening.

The biggest overhaul of the U.S. tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it.

The bill passed the House by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it.

Passage was all but certain in the Republican-controlled Senate, as well.

The plan includes steep tax cuts for corporations and wealthy taxpayers, as well as temporary tax cuts for some individuals and families. It repeals a section of the Obamacare health system and allows oil drilling in Alaska’s Arctic National Wildlife Refuge, just two of many narrow changes added onto the bill to secure sufficient to win its passage.

Middle-income households would see an average tax cut of $900 next year, while the wealthiest 1 percent of Americans would see an average cut of $51,000, according to the nonpartisan Tax Policy Center, a think tank in Washington.

Republicans insist the package will boost the economy and job growth. They also see the measure as key to retaining their majorities in the House and Senate in elections next November.

 

More Stories from the Market
shutterstock_453968572
December 31, 2025   TransJamaican Highway Limited (TJH) has advised that in accordance with the Articles of Association and the terms of is…
shutterstock_453968572
December 31, 2025   Supreme Ventures Limited (SVL) has advised that initial discussions are underway with Dolla Financial Services Limited …
shutterstock_453968572
December 31, 2025   Pan Jamaica Group Limited (PJAM) has advised that on December 29, 2025, seven Directors were issued a total of 108,512 …
shutterstock_148562033
December 31, 2025   Pan Jamaica Group Limited (PJAM) has advised that a senior officer sold 38,271 PJAM shares on December 30, 2025. &…
shutterstock_537598660
December 31, 2025 The Limners and Bards Limited(LAB) Audited financials for the twelve months ended October 31, 2025: The Limners and Bar…
shutterstock_148562033
December 30, 2025   Supreme Ventures Limited (SVL) has advised that on December 23, 2025, a director purchased 319,424 SVL shares, and a re…
Logo - Mayberry Group Ltd.
December 30, 2025   Mayberry Group Limited (MGL) has advised that a connected party purchased 856,698 MGL shares on December 29, 2025. &…
shutterstock_148562033
December 30, 2025   Mayberry Jamaican Equities Limited (MJE) has advised that a connected party purchased 2,000 MJE shares on December 24, …