House approves GOP tax measures for savings, startups

WASHINGTON – Proposals to expand the new tax law by adding incentives for savings and startup businesses have passed the House as Republicans push legislation forward ahead of the approaching midterm elections.

The votes Thursday were 240-177 and 260-156, mostly along party lines, to approve a pair of Republican-written measures. The action was a prelude to an expected vote Friday on broader legislation to make permanent the individual tax cuts now set to expire in 2026 under the tax law.

House Republican leaders are portraying the second crack at tax cuts as championing the middle class and small businesses. Prospects for the legislation are unclear in the Senate.

One of the measures would create a “universal savings account” for families that could be used for a range of purposes.