washington congressional republicans take important step thursday toward big u.s. tax-code overhaul since 1980s house representatives approve broad package tax cut senate panel advance version legislation seek senior lawmakers president donald trump house vote shift tax debate senate tax-writing panel finish debate approve bill late thursday even measure already encounter resistance within republicans rank full senate action expect next week thanksgiving holiday four republican senators enough derail legislation talk privately oppose bill would balloon federal deficit accord time magazine report trump still seek first major legislative win since take office january go u.s. capitol house vote urge republicans pass tax bill democrats call giveaway wealthy businesses simple fair competitive tax code rocket fuel economy within reach time deliver white house spokeswoman sarah sanders say largely party-line house vote 227-205. congress thoroughly overhaul sprawl u.s. tax code since republican ronald reagan president house measure comprehensive reagan 1986 package ambitious anything since path forward tax plan senate republicans narrow majority fraught obstacles concern deficit healthcare distribution tax benefit republicans lose two senate vote democrats remain unite opposition senate republican tax-writers early week make risky decision tie plan repeal requirement people get healthcare insurance former president barack obama affordable care act expose tax initiative political force wreck republicans anti-obamacare push early july house bill estimate increase federal deficit nearly 1.5 trillion 10 years would consolidate individual family tax bracket four seven reduce corporate tax rate 20 percent 35 percent also would scale back end popular tax deductions include one state local income tax preserve cap deduction property tax payments democrats point analyse show millions americans could end tax hike eliminate deductions repeal shrink deductions way offset revenue lose tax cut shameful piece legislation republicans know good house democratic leader nancy pelosi tell lawmakers vote senate democratic leader chuck schumer warn republicans increase deficit tax bill would imperil important priorities military spend thirteen house republicans oppose bill one new york new jersey california state high tax residents would feel pinch eliminate deduction state local income tax fight look forward continue negotiations improve proposal constituents say republican representative lee zeldin new york vote bill investors cheer prospect tax overhaul u.s. stock rise dollar edge high basket major currencies thursday house vote brian battle director trade performance trust capital partner chicago say stock strong gain day help house vote help stock bond market turn around say tax plan forego conclusion pass low hurdle house even high hurdle something pass senate republicans long promise tax cut see enact critical prospect retain power washington november 2018 congressional elections particularly fail meet promise repeal affordable care act good know obamacare challenge 100-seat senate republicans 52-48 majority senators jeff flake jam lankford among four republicans consider oppose plan time report lankford spokesman say eager work colleagues pass tax reform flake often clash trump announce seek re-election next year tell reuters thursday worry fiscal problem issue several senators include ron johnson susan collins help sink republican effort repeal obamacare express concern johnson announce opposition say unequal rat small businesses non-corporate enterprises know pass-throughs versus corporations work white house fix issue tell reuters senator john mccain republican also vote healthcare overhaul effort summer colleagues bob corker lisa murkowski also consider critical vote nonpartisan congressional analysts say provision repeal health insurance mandate senate version would drive premium cost cause 13 million americans lose coverage senate plan also set individual tax rate cut expire reductions corporations permanent full senate approve measure reconcile house version legislation send trump desk signature republican representative tom cole say problem issue iron settle us cole tell reporters tax overhaul drama move senate house approve bill