A tax reform bill that would lower the mortgage interest deduction from $1 million to $500,000, eliminate deductions on moving expenses and severely reduce those on state and local property taxes passed with relative ease in the House of Representatives Thursday afternoon. Republicans voted in favor of the “Tax Cuts and Jobs Act” 227-205, with every Democrat and 13 GOP members opposing the legislation, setting in motion a likely alignment with a bill now coursing through the Senate Finance Committee that could be brought to a vote within two weeks. “For the first time in 31 years we are wiping the tax code clean and replacing it with one that is fairer and simpler for everyone,” Representative Devin Nunes, Republican of California and a member of the Ways and Means Committee, told The New York Times on Thursday. Under the current House legislation, taxes would be slashed by more than $1.4 trillion over the next decade, in part by reducing the corporate tax rate from 35…
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