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The U.S. House of Representatives has passed the GOP tax reform plan that has been the subject of widespread discussion and analysis in recent weeks. The bill, called the Tax Cuts and Jobs Act passed with a 227-205 vote and carries with it major financial consequences for consumers, homeowners and businesses alike.
Trump and GOP leaders have claimed that the projected $1.5 trillion tax cuts will aid in economic growth and job creation, although no official analysis of the bill’s consequences has been released by the administration.
Affordable housing authorities have reiterated the bill’s expected effect of decreasing subsidized housing units by almost 1 million, and business advocates have questioned the true benefit of corporate tax changes to the average small business owner. Even graduate students, many of which afford their education through tuition waivers, expect their taxes to increase by roughly 400 percent under the bill.
Despite the new tax plan’s success in the House, its final version depends on the Senate whose own Tax Cuts and Jobs Act contains significant differences from the one passed today.