washington - The US House of Representatives on Thursday agreed to a far-reaching package of tax reforms. The plan provides, among other things, for lowering taxes for businesses and private individuals.
The plan drawn up by the Republicans was supported by 227 members of the House of Representatives. There were 205 opponents, including some Republicans.
The plan provides for a reduction in corporate tax from 35 to 20 per cent, but that measure will only take effect in 2019.
The tax plan must also be put to the vote in the Senate. The Republicans have a narrow majority in the Senate. Several Republicans in the Senate have also announced that they have reservations, partly because the federal budget deficit continues to rise due to the tax cuts.