House Panel Advances Tax Bill as GOP Seeks Vote Next Week
- Bill estimated to cost $1.4 trillion over a decade, JCT says
- Revised provision calls for boosting repatriation rate to 14%
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The House Ways and Means Committee approved revisions to the GOP tax legislation that trimmed the bill’s cost while providing more tax relief to owners of partnerships, limited liability companies and other so-called pass-throughs.
Other changes would boost taxes on companies’ stockpiled foreign earnings, allow the estate tax to remain in effect for a year longer than House leaders originally proposed, reduce a tax break for businesses on their research spending and potentially limit undocumented immigrants’ access to the child tax credit that Republicans plan to enhance.