Tax Reform Update : House Passes GOP Tax Bill; Effort Faces Uncertainty in Senate

Tax Reform Update : House Passes GOP Tax Bill; Effort Faces Uncertainty in Senate

The House of Representatives passed a bill that would usher in the most far-reaching overhaul of the U.S. tax system in 31 years, backing a plan that would lower the corporate tax rate to its lowest point since 1939 and cut individual taxes for most households in 2018.

The 227-205 House vote was a victory for Speaker Paul Ryan (R., Wis.) and President Donald Trump, who rallied Republicans before the vote. Republicans want to finish the new tax law before the year ends, and they are banking on it as an economic boon and the key to their political futures.

Impact : Medium 

Sentiment : Good for Dollar

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