House passes comprehensive GOP tax overhaul bill

CBS News' Nancy Cordes, Catherine Reynolds, Walt Cronkite, Rebecca Shabad and Emily Tillett contributed to this report.

House Republicans on Thursday afternoon passed a massive package of corporate and individual tax cuts, holding a final vote on their highly-anticipated tax overhaul plan Thursday afternoon.

Lawmakers approved it in a 227-205 vote.

The bill would slash the corporate tax rate, cut taxes for individuals and reduce the number of tax brackets.

The president, looking for a major legislative win for the Trump White House, has been urging Republicans to pass tax legislation for months. He visited Capitol Hill on Thursday morning in a final lobbying push to House Republicans.

Mr. Trump tweeted in advance of Thursday's vote, saying "tax cuts are getting close!" and blamed Democrats for fighting "massive tax cuts for the middle class and business" citing "obstruction and delay."

The Senate will also have to vote on its version, and then the two bills, if they both pass, would be reconciled in conference.

Follow along for live updates below:

House passes GOP tax bill

House lawmakers approved the bill in a 227-205 vote. Cheers were heard from the House floor after it reached the threshold it needed to pass.

House voting now on tax plan

The vote on the GOP tax overhaul bill has begun and should last for 15 to 20 minutes. One Democrat is absent, reports CBS News' Catherine Reynolds, so Republicans need 217 for passage.

Paul Ryan makes case for tax plan

Speaker Ryan said that since the recession hit, the "economy has been flat."

"This [economy] has been way under its potential. It's been growing at a limp 1 to 2 percent," Ryan said, adding that that means no one has received a wage increase.

Ryan said that the average family at every income level, under the GOP overhaul, would receive a tax cut. He said that it would lower taxes for "mom and pop" businesses.

Rep. Tom McClintock comes out against the tax bill

"I am convinced that the business side of this bill will produce dramatic growth for the national economy. However, I believe the personal income tax side does significant harm, particularly to many families in high-cost, high-tax states like California."

"This was entirely avoidable, if higher priority had been given to family tax relief than was given to tax simplification. The current major deductions for such expenses as mortgage interest, state and local income taxes, medical and casualty expenses and student loan interest could all have been retained in the bill, while still providing a significant, across-the-board reduction in all tax rates, assuring that no taxpayer was left behind."

"Unfortunately, the amendment that I offered to do so failed, and despite many discussions, I have yet to receive assurances that the final bill will protect every taxpayer against tax increases. I favor a flat tax, but families make the most important financial decisions in their lives based in part - sometimes in large part -- on the tax deductions available to them."

"Transitioning to a flat tax requires a very gradual phase-out of deductions over a long period of time to prevent trapping taxpayers in a bait-and-switch world where deductions they had counted on suddenly disappear. This bill ignores that necessity. This is particularly harmful to Californians who suffer under policies that have grossly inflated the cost of housing. Even though the mortgage interest deduction is grandfathered for existing mortgages, the limitation will make home ownership less affordable for future home buyers and devalue the asset for current homeowners. Yes, that will cause home prices to decline, but for all the wrong reasons."

Nancy Pelosi calls the bill a "tax scam"

The minority leader, a California Democrat, said that the measure is "pillaging the middle class" and would "pad the pockets of the wealthiest" and would hand tax breaks to companies that are shipping jobs overseas. She added that it would drastically increase the national debt.

"It's not tax reform. It's not even a tax cut," Pelosi said. "It's a tax scam."

House Minority Whip Steny Hoyer, D-Maryland, said in remarks before Pelosi that lawmakers should "reject this sellout of America's future."

"Look to your souls -- not America's polls," he said.

House vote on tax bill moves up

Members will vote between 12:50-1:05. There will be three votes in the series. The tax vote is the 2nd. It will be Motion to Recommit, passage of tax vote and a suspension bill.

Trump leaves House GOP meeting

The president walked out of the meeting beside Speaker Paul Ryan. He paused very briefly before the pool camera and said he had a good meeting.

Rep. Peter King says GOP faces "real challenge" in 2018 if tax plan passes

The New York Republican has been opposed to the current House GOP tax plan. He was asked after the closed-door meeting if he still believes that the House GOP majority could be wiped out in the 2018 midterm elections if this tax measure prevails.

"It's going to be a real challenge for us," King said.

Latest guidance on vote timing

In the latest schedule update from House Majority Whip Steve Scalise's, R-Louisiana, office, the vote on the tax bill bill will take place between 12:50 p.m. and 1:05 p.m.

Inside the meeting...

A GOP inside the room with House Republicans and Mr. Trump said that Ways and Means Chairman Kevin Brady, R-Texas, received a standing ovation and Brady said it has taken almost half a century for Republicans to reach this point.

The aide said that Mr. Trump talked about how the tax bill process has a different taste than health care.

There was also applause for the president's work on the Asia trip, and spoke up the UCLA players and the relationship with China to get them released, the aide added.

House Republicans tweet photos of Trump inside the GOP meeting

Rep. Bill Flores, R-Texas, the former chairman of the Republican Study Committee (RSC), tweeted a photo from inside the closed-door conference meeting with House Republicans of the president speaking to the crowd.

Other House Republicans tweeted out photos from inside the meeting.

Trump ignores shouted questions about Roy Moore, Al Franken

The president walked past the Center Steps location at 11:37 a.m. ET. He walked past reporters and ignored shouted questions about whether he believes Roy Moore's accusers and whether Moore should leave the Senate race in Alabama, CBS News' Nancy Cordes reports. He also ignored shouted questions about Sen. Al Franken, D-Minnesota, according to CBS News' Walt Cronkite. A woman came out publicly Thursday, accusing Franken of kissing and groping her without her consent in 2006.

Club for Growth issues key vote alert

The conservative group issued a key vote alert ahead of Thursday's vote, urging House Republicans to back the bill, calling it "very pro-growth" in a statement.

"It slashes the corporate tax rate, enacts full expensing and a territorial tax system, ends the Death Tax, cuts marginal tax rates for individuals, and eliminates several loopholes and deductions, including a partial elimination of the unfair state and local tax deduction (SALT)," the statement said.

The group, however, said that they want the GOP to fix certain "problems" in the measure.

"That said, this bill is not perfect. Once this bill is passed and the Senate passes its version, we strongly urge Republican leaders to fix the problems in the bill. The bubble rate for high-income earners should be eliminated. The 39.6 percent top tax rate should also be abolished. Finally, the conference report must include repeal of the dreaded individual mandate. If these changes are incorporated into the final bill, passed by Congress, and signed into law by President Trump, we believe the economy will roar."

Trump arrives on Capitol Hill to huddle with House GOP

The president has arrived on Capitol Hill and will meet behind closed doors with House Republicans to rally them in support of the tax bill that will be voted on in a few hours.

At least 10 House Republicans oppose the tax bill

Here are the Republican lawmakers who say they cannot support the bill in its current form.

Dan Donovan, New York

John Faso, New York

Darrell Issa, California

Walter Jones, North Carolina

Peter King, New York

Leonard Lance, New Jersey

Frank LoBiondo, New Jersey

Chris Smith, New Jersey

Elise Stefanik, New York

Lee Zeldin, New York