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The Latest: Trump arrives at Capitol to rally for tax bill

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The Latest: Trump arrives at Capitol to rally for tax bill

The Associated Press
Sen. Ron Wyden, D-Ore., left, the top Democrat on the Senate Finance Committee, criticizes the Republican tax reform plan while Chairman Orrin Hatch, R-Utah, listens to his opening statement as the panel begins work overhauling the nation's tax code, on Capitol Hill in Washington, Monday, Nov. 13, 2017. The legislation in the House and Senate carries high political stakes for President Donald Trump and Republican leaders in Congress, who view passage of tax cuts as critical to the GOP's success at the polls next year. (AP Photo/J. Scott Applewhite)

    The Latest on House consideration of the tax overhaul (all times local):

    11:35 a.m.

    President Donald Trump has arrived at the Capitol to encourage House Republicans who are about to push a $1.5 trillion tax package through their chamber.

    The closed-door meeting comes as GOP leaders hope that by Christmas, they will give Trump and themselves their first legislative triumph this year.

    House approval was expected later Thursday of the plan to slash corporate tax rates and reduce personal income tax rates while eliminating some deductions and credits.

    The Senate Finance Committee is aiming to pass its separate version by week's end. But some GOP senators want changes.

    Republicans say the final measure will bestow lower levies on millions of Americans and spur economic growth by reducing business taxes. Democrats say the measure is disproportionately tilted toward corporations and the wealthy.

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    10:45 a.m.

    Republicans drove a $1.5 trillion tax overhaul toward House passage Thursday. But Senate GOP dissenters also emerged in a sign that party leaders have problems to resolve before Congress can give President Donald Trump his first legislative triumph.

    Trump was heading to the Capitol for a pep rally with House Republicans, shortly before the chamber was expected to approve the measure over solid Democratic opposition. There were just a handful of GOP opponents in the House, unhappy because the measure sharply curbs deductions for state and local taxes, but all agreed that passage seemed certain.

    Like a similar package nearing approval by the GOP-led Senate Finance Committee, most of the House measure's reductions would go to business. Personal income tax rates for many would be reduced, but some deductions and credits would be reduced or eliminated. Federal deficits would grow by $1.5 trillion over the coming decade.

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    Source – abcnews.go.com

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