They are expected to have the votes

The US House of Representatives is expected to vote through their version of tax reform this afternoon.

Their plan

  • Would cut taxes more than $1.4 trillion over 10 years.
  • Cut corporate tax rate to 20 percent from 35 percent,
  • Reduce the tax brackets to four from seven,
  • Lower corporate tax rate to 20% and
  • Scales back many deductions, including one for state and local taxes paid

The House republicans have a 22 vote cushion vs the Democrats. The threat comes from high tax rates whose constituents were loose the state and local tax deduction. It is estimated that at least five Republicans from New York would oppose the bill while three from New Jersey would do the same. California is also a wildcard state as they to have large state and local taxes.

Pres. Trump is scheduled to head to Capitol Hill to speak to the Republican conference around 11:30 AM ET/1630 GMT.