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House Republicans released the initial version of their tax reform bill on Thursday, November 2. After months of aspirational outlines and frameworks devoid of detail, this was the real thing: 400+ pages of proposed legislation covering all of the details, including difficult decisions about eliminating some existing tax benefits so that the bill would not add more than $1.5 trillion to the current deficit—the limit set previously in the budget bill. While the final bill will look different from the House’s first effort, this was an important step forward. Here’s our look at the path ahead.


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