November 9, 2017 / 8:34 PM / a year ago

House committee passes sweeping tax bill

WASHINGTON (Reuters) - A Republican-led committee in the U.S. House of Representatives approved a sweeping rewrite of U.S. tax law on Thursday, setting the stage for the House to vote on it, although momentum for overhauling the tax code was fast shifting to the Senate.

Sen. Rob Portman (R-OH) speaks to reporters after a meeting about the Republican Tax Reform package on Capitol Hill in Washington, U.S., November 9, 2017. REUTERS/Aaron P. Bernstein

The House Ways and Means Committee approved a bill, voting along party lines, that could go to the House floor as soon as next week. It would cut the U.S. corporate income tax rate to 20 percent from 35 percent and make other tax changes adding substantially to the federal deficit over the next decade.

Reporting by Richard Cowan; Editing by Eric Beech

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