Washington - The US House of Representatives approved the 2018 fiscal budget legislation on October 26 marking a narrow GOP victory over Democrats. The legislation includes proposals that will eliminate federal deduction of state and local income taxes.
The legislation paves the way for Republicans to reduce federal revenue by $1.5 trillion over the next decade without Democrat assistance.
Previously approved by the Senate, the legislation barely made it through the House as 20 Republicans did not vote for it.
The Republican tax bill is still being written and is expected to be unveiled next week. Congressional Democrats were in firm opposition of the GOP tax cut plan, stressing it is a give-away to corporations and the wealthy.