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A New Nationwide Tax Bill Could Pass This Week. How Would It Impact Texans?

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After weeks of debate in both the House and the Senate, lawmakers in Washington, D.C. are expected to vote on changes to the U.S. tax system this week.

The policy overhaul comes with a $1.5 trillion price tag for the federal government and has been spearheaded by Republicans, who hold the majority in Congress. 

The House will vote Tuesday on the GOP's tax bill. It tackles a range of sweeping tax reforms including changes to corporate tax rates, the child tax credit for families, a repeal of the Affordable Care Act's individual mandate and more. 

The bill would lower taxes for 95 percent of Americans in 2018, according to the Tax Policy Center, but cuts for the country's top earners are much higher than those for people who make less.

Over the weekend, President Trump said that the bill's passage would be a great gift to the middle class, but a report from Congress' Joint Committee on Taxation shows that on average, families earning $20,000-$40,000 a year would pay more in individual income taxes in 2023 and beyond.

If approved, what can Americans – and Texans in particular – expect from the GOP's new tax plan? 

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Jan Ross Piedad Sakian is TPR’s News Operations Producer. In this role, she develops strategy on collaborative and digital initiatives for the station. Since 2016, Jan Ross has served in a coordinating capacity for TPR’s state and national partners, including The Texas Newsroom.