House narrowly passes measure paving way for Trump tax cutsWASHINGTON (Reuters) - The U.S. House of Representatives helped pave the way on Thursday for deep tax cuts sought by President Donald Trump and Republican leaders, but barely overcame a revolt within party ranks that could foreshadow trouble ahead. The Republican-controlled House voted 216-212 to pass a budget blueprint for the 2018 fiscal year. The measure will enable the tax legislation, due to be introduced next week, to win congressional approval without any Democratic votes. But House Republican leaders came within two votes of failure. Democrats were unified in their opposition, and 20 Republicans voted against the bill, many expressing disapproval of a provision that would repeal an income tax deduction for state and local taxes. Discord is also looming over a potential provision to scale back a popular tax-deferred U.S. retirement savings program known as a 401(k). Both those provisions are aimed at offsetting revenue losses that would result from the planned sweeping tax cuts, particularly for companies.  Democrats have called the tax plan a giveaway to the rich and corporations that would swell the federal deficit. Republicans are traditionally opposed to letting the deficit grow. But in a stark reversal of that stance, the party’s budget resolution, previously passed by the Senate, called for adding up to $1.5 trillion to federal deficits over the next decade to pay for the tax cuts. Several conservative Republicans voted against it because of deficit concerns. One of them, Representative Justin Amash, wrote on Twitter, “What happened to fiscal conservatism?”   The outline of the Republican plan announced last month would cut the corporate tax rate to 20 percent from 35 percent, the small business rate to 25 percent from up to 39.6 percent and the top individual rate to 35 percent from 39.6 percent. Trump, who promised major tax cuts as a candidate last year, has asked Congress to pass the tax legislation by the end of the year. Even though his fellow Republicans control both the House and Senate, the president has been unable to secure passage of major legislation, having failed to repeal the Obamacare law. Republicans are also looking for a signature achievement as the 2018 congressional election year approaches. “Big News - Budget just passed!” Trump wrote on Twitter. Republican House Speaker Paul Ryan, who has said he wants the House to pass the tax overhaul by the Nov. 23 Thanksgiving holiday, said passage of the budget resolution was an “enormous step” toward that goal. But he declined to take a position on the possibility of capping annual tax-free contributions into 401(k) plans, which for four decades have helped millions of Americans save for retirement by offering tax savings.  Trump and Kevin Brady, the Republican chairman of the tax-writing House Ways and Means committee, reopened the door to the possibility of such caps on Wednesday as Republicans scramble to find sources of revenue to cover the tax cuts.  Brady on Thursday said he was working toward an agreement on the 401(k) issue with Trump and Republicans who want to keep the tax break in place. “They made it clear. They need this problem solved before they vote ‘yes’ on tax reform,” Brady added. Brady said he planned to introduce the tax bill next Wednesday and to begin committee deliberations on it the following week, on Nov. 6. REVOLT FROM HIGH-TAX STATES Eliminating the deduction would hit middle-class voters in high-tax states like California, New York, Illinois, Pennsylvania and New Jersey. Republican Representative John Katko of New York, leaving a meeting with Brady, said supporters of the deduction “stood firm, saying ‘no’ as a group today to let them know we’re not kidding.” But one Republican senator warned that his party will have to stick to its commitment to eliminate tax breaks. “If groups see that you’re willing to deal something away if they raise enough Cain, the whole thing’s going to fall apart. We’ve gotta hang tough,” Senator Bob Corker of Tennessee said on CNBC. The budget plan will enable the 100-seat Senate to pass tax legislation with a simple majority rather than a 60-vote super-majority, hard to reach given Democrats’ opposition. Republicans hold a slim 52-48 margin in the Senate. The White House and congressional Republicans excluded Democrats as they developed the plan. “Right here before our eyes, in this House, the Republicans are replacing the great American ladders of opportunity with the silver spoon of plutocracy and aristocracy,” top House Democrat Nancy Pelosi said during the debate on the budget measure. Independent analysts forecast last month that corporations and the wealthiest Americans would benefit the most and many upper middle-income people would face higher taxes under the tax outline unveiled by the Republicans. The proposal would cut taxes for companies and individuals by up to $6 trillion over the next decade, the analysts said. politicsNews
house narrowly passes measure paving way trump tax cutswashington reuters the house representatives helped pave way thursday deep tax cuts sought president donald trump republican leaders barely overcame revolt within party ranks could foreshadow trouble ahead the house voted pass budget blueprint fiscal year the measure enable tax legislation due introduced next week win congressional approval without democratic votes but house republican leaders came within two votes failure democrats unified opposition republicans voted bill many expressing disapproval provision would repeal income tax deduction state local taxes discord also looming potential provision scale back popular retirement savings program known k both provisions aimed offsetting revenue losses would result planned sweeping tax cuts particularly companies democrats called tax plan giveaway rich corporations would swell federal deficit republicans traditionally opposed letting deficit grow but stark reversal stance party budget resolution previously passed senate called adding trillion federal deficits next decade pay tax cuts several conservative republicans voted deficit concerns one representative justin smash wrote twitter what happened fiscal conservatism the outline republican plan announced last month would cut corporate tax rate percent percent small business rate percent percent top individual rate percent percent trump promised major tax cuts candidate last year asked congress pass tax legislation end year even though fellow republicans control house senate president unable secure passage major legislation failed repeal obamacare law republicans also looking signature achievement congressional election year approaches big news budget passed trump wrote twitter republican house speaker paul ryan said wants house pass tax overhaul thanksgiving holiday said passage budget resolution enormous step toward goal but declined take position possibility capping annual contributions k plans four decades helped millions americans save retirement offering tax savings trump kevin brady republican chairman house ways means committee reopened door possibility caps wednesday republicans scramble find sources revenue cover tax cuts brady thursday said working toward agreement k issue trump republicans want keep tax break place they made clear they need problem solved vote yes tax reform brady added brady said planned introduce tax bill next wednesday begin committee deliberations following week revolt from states eliminating deduction would hit voters states like california new york illinois pennsylvania new jersey republican representative john ratio new york leaving meeting brady said supporters deduction stood firm saying group today let know but one republican senator warned party stick commitment eliminate tax breaks if groups see willing deal something away raise enough cain whole thing going fall apart we got ta hang tough senator bob corner tennessee said cnbc the budget plan enable senate pass tax legislation simple majority rather hard reach given democrats opposition republicans hold slim margin senate the white house congressional republicans excluded democrats developed plan right eyes house republicans replacing great american ladders opportunity silver spoon plutocracy aristocracy top house democrat nancy pesos said debate budget measure independent analysts forecast last month corporations wealthiest americans would benefit many upper people would face higher taxes tax outline unveiled republicans the proposal would cut taxes companies individuals trillion next decade analysts said politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: House narrowly passes measure paving way for Trump tax cutsWASHINGTON (Reuters) - The U.S. House of Representatives helped pave the way on Thursday for deep tax cuts sought by President Donald Trump and Republican leaders, but barely overcame a revolt within party ranks that could foreshadow trouble ahead. The Republican-controlled House voted 216-212 to pass a budget blueprint for the 2018 fiscal year. The measure will enable the tax legislation, due to be introduced next week, to win congressional approval without any Democratic votes. But House Republican leaders came within two votes of failure. Democrats were unified in their opposition, and 20 Republicans voted against the bill, many expressing disapproval of a provision that would repeal an income tax deduction for state and local taxes. Discord is also looming over a potential provision to scale back a popular tax-deferred U.S. retirement savings program known as a 401(k). Both those provisions are aimed at offsetting revenue losses that would result from the planned sweeping tax cuts, particularly for companies.  Democrats have called the tax plan a giveaway to the rich and corporations that would swell the federal deficit. Republicans are traditionally opposed to letting the deficit grow. But in a stark reversal of that stance, the party’s budget resolution, previously passed by the Senate, called for adding up to $1.5 trillion to federal deficits over the next decade to pay for the tax cuts. Several conservative Republicans voted against it because of deficit concerns. One of them, Representative Justin Amash, wrote on Twitter, “What happened to fiscal conservatism?”   The outline of the Republican plan announced last month would cut the corporate tax rate to 20 percent from 35 percent, the small business rate to 25 percent from up to 39.6 percent and the top individual rate to 35 percent from 39.6 percent. Trump, who promised major tax cuts as a candidate last year, has asked Congress to pass the tax legislation by the end of the year. Even though his fellow Republicans control both the House and Senate, the president has been unable to secure passage of major legislation, having failed to repeal the Obamacare law. Republicans are also looking for a signature achievement as the 2018 congressional election year approaches. “Big News - Budget just passed!” Trump wrote on Twitter. Republican House Speaker Paul Ryan, who has said he wants the House to pass the tax overhaul by the Nov. 23 Thanksgiving holiday, said passage of the budget resolution was an “enormous step” toward that goal. But he declined to take a position on the possibility of capping annual tax-free contributions into 401(k) plans, which for four decades have helped millions of Americans save for retirement by offering tax savings.  Trump and Kevin Brady, the Republican chairman of the tax-writing House Ways and Means committee, reopened the door to the possibility of such caps on Wednesday as Republicans scramble to find sources of revenue to cover the tax cuts.  Brady on Thursday said he was working toward an agreement on the 401(k) issue with Trump and Republicans who want to keep the tax break in place. “They made it clear. They need this problem solved before they vote ‘yes’ on tax reform,” Brady added. Brady said he planned to introduce the tax bill next Wednesday and to begin committee deliberations on it the following week, on Nov. 6. REVOLT FROM HIGH-TAX STATES Eliminating the deduction would hit middle-class voters in high-tax states like California, New York, Illinois, Pennsylvania and New Jersey. Republican Representative John Katko of New York, leaving a meeting with Brady, said supporters of the deduction “stood firm, saying ‘no’ as a group today to let them know we’re not kidding.” But one Republican senator warned that his party will have to stick to its commitment to eliminate tax breaks. “If groups see that you’re willing to deal something away if they raise enough Cain, the whole thing’s going to fall apart. We’ve gotta hang tough,” Senator Bob Corker of Tennessee said on CNBC. The budget plan will enable the 100-seat Senate to pass tax legislation with a simple majority rather than a 60-vote super-majority, hard to reach given Democrats’ opposition. Republicans hold a slim 52-48 margin in the Senate. The White House and congressional Republicans excluded Democrats as they developed the plan. “Right here before our eyes, in this House, the Republicans are replacing the great American ladders of opportunity with the silver spoon of plutocracy and aristocracy,” top House Democrat Nancy Pelosi said during the debate on the budget measure. Independent analysts forecast last month that corporations and the wealthiest Americans would benefit the most and many upper middle-income people would face higher taxes under the tax outline unveiled by the Republicans. The proposal would cut taxes for companies and individuals by up to $6 trillion over the next decade, the analysts said. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: house narrowly passes measure paving way trump tax cutswashington reuters the house representatives helped pave way thursday deep tax cuts sought president donald trump republican leaders barely overcame revolt within party ranks could foreshadow trouble ahead the house voted pass budget blueprint fiscal year the measure enable tax legislation due introduced next week win congressional approval without democratic votes but house republican leaders came within two votes failure democrats unified opposition republicans voted bill many expressing disapproval provision would repeal income tax deduction state local taxes discord also looming potential provision scale back popular retirement savings program known k both provisions aimed offsetting revenue losses would result planned sweeping tax cuts particularly companies democrats called tax plan giveaway rich corporations would swell federal deficit republicans traditionally opposed letting deficit grow but stark reversal stance party budget resolution previously passed senate called adding trillion federal deficits next decade pay tax cuts several conservative republicans voted deficit concerns one representative justin smash wrote twitter what happened fiscal conservatism the outline republican plan announced last month would cut corporate tax rate percent percent small business rate percent percent top individual rate percent percent trump promised major tax cuts candidate last year asked congress pass tax legislation end year even though fellow republicans control house senate president unable secure passage major legislation failed repeal obamacare law republicans also looking signature achievement congressional election year approaches big news budget passed trump wrote twitter republican house speaker paul ryan said wants house pass tax overhaul thanksgiving holiday said passage budget resolution enormous step toward goal but declined take position possibility capping annual contributions k plans four decades helped millions americans save retirement offering tax savings trump kevin brady republican chairman house ways means committee reopened door possibility caps wednesday republicans scramble find sources revenue cover tax cuts brady thursday said working toward agreement k issue trump republicans want keep tax break place they made clear they need problem solved vote yes tax reform brady added brady said planned introduce tax bill next wednesday begin committee deliberations following week revolt from states eliminating deduction would hit voters states like california new york illinois pennsylvania new jersey republican representative john ratio new york leaving meeting brady said supporters deduction stood firm saying group today let know but one republican senator warned party stick commitment eliminate tax breaks if groups see willing deal something away raise enough cain whole thing going fall apart we got ta hang tough senator bob corner tennessee said cnbc the budget plan enable senate pass tax legislation simple majority rather hard reach given democrats opposition republicans hold slim margin senate the white house congressional republicans excluded democrats developed plan right eyes house republicans replacing great american ladders opportunity silver spoon plutocracy aristocracy top house democrat nancy pesos said debate budget measure independent analysts forecast last month corporations wealthiest americans would benefit many upper people would face higher taxes tax outline unveiled republicans the proposal would cut taxes companies individuals trillion next decade analysts said politicsnews