House Republicans pass tax plan that would cut corporate rate, add $1.4 trillion to deficit

The bill was opposed by 13 Republican representatives.

The proposal, called the Tax Cuts and Jobs Act, would add $1.4 trillion to the federal deficit over the next 10 years, while decreasing the number of tax brackets and deductions, and slashing the corporate tax rate to 20 percent, if it eventually becomes law.

House GOP leaders expected roughly a dozen Republicans to vote against the bill. At least nine Republicans from high-tax states like New York and New Jersey came out against the measure ahead of the vote over concerns about the elimination of state and local tax deductions.

"Basically, we're on defense on an issue we should be on offense on," King said in an interview Thursday. "It doesn't help, put it that way."

Two additional party members would sink that bill, given unanimous Democratic and independent opposition.

The White House applauded the House's action on the bill Thursday afternoon, releasing a statement in which it cited the benefits the reforms would provide to middle-class families and U.S. companies.

"A simple, fair, and competitive tax code will be rocket fuel for our economy, and it’s within our reach," the statement read. "Now is the time to deliver."

Republicans will eventually have to reconcile any differences between House and Senate tax bills in a conference committee before voting on a final measure. Some Republicans with concerns about the current House bill voted for it today hoping their concerns will be ironed out in conference.

"I love you. go vote," he told the group after a short meeting, according to a source in the room for the meeting.

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