House Republicans will vote on their tax reform bill on Thursday, aiming to take the most concrete step yet toward overhauling the American tax system.
House Majority Leader Kevin McCarthy, R-Calif., confirmed the plan to reporters on Tuesday. GOP leaders believe they can pass the bill this week, despite lingering resistance from some Republicans.
President Donald Trump plans to go to Capitol Hill on Thursday to make the case for tax cuts before the vote.
The GOP aims to pass a plan to chop tax rates for businesses and individuals by the end of the year to fulfill a key campaign promise. Lawmakers argue that changing the tax code will spark economic growth and boost job creation and wages.
This week, the Senate is marking up, or debating and amending, its version. The chamber wants to approve the bill after Thanksgiving.
House Speaker Paul Ryan on Tuesday described the current plans as a "work in progress." He said he expects the two chambers to pass separate legislation before going to a conference committee to craft a joint plan.
In an interview with CNBC on Tuesday, McCarthy contended that the House and Senate can quickly reconcile the differences and get a final bill to Trump's desk by the end of the year.
"I do not think it will take long until we come back with that final version," the California Republican said.