November 2, 2017 / 9:23 PM / a year ago

US House tax bill would cut revenue by $1.49 trillion over 10 years -committee

WASHINGTON, Nov 2 (Reuters) - The U.S. House Republican tax bill would reduce federal revenues by $1.49 trillion over 10 years, the Joint Committee on Taxation said on Thursday, a figure that could allow it to win congressional approval without any Democratic votes.

Republican leaders want the Tax Cuts and Jobs Act, which is meant to simplify the U.S. tax code, cut rates and remove deductions, to be passed into law by the end of the year.

By holding the revenue loss under $1.5 trillion, the bill could clear the Senate on a simply majority vote under a budget plan Congress has already adopted. Republicans hold a narrow 52-48 majority in the Senate. (Reporting by Makini Brice; Editing by Tim Ahmann and David Alexander)

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