It also would scale back or end some popular tax deductions, including one for state and local income taxes, while preserving a capped deduction for property tax payments.
Democrats have pointed to analyzes showing millions of Americans could end up with a tax hike because of eliminated deductions. Repealing or shrinking some deductions is a way to offset the revenue lost from tax cuts.
"It's a shameful piece of legislation, and the Republicans should know better," House Democratic leader Nancy Pelosi told lawmakers before the vote.
Senate Democratic leader Chuck Schumer warned Republicans that by increasing the deficit, the tax bill would imperil other important priorities such as military spending.
Thirteen House Republicans opposed the bill, all but one from New York, New Jersey or California - states with high taxes where residents would feel the pinch from eliminating the deduction for state and local income taxes.
"This fight is not over. I look forward to continuing negotiations to improve this proposal for my constituents," said Republican Representative Lee Zeldin of New York, who voted against the bill.
Investors have cheered the prospect of a tax overhaul. U.S. stocks rose and the dollar edged higher against a basket of major currencies on Thursday after the House vote.
Brian Battle, director of trading at Performance Trust Capital Partners in Chicago, said stocks' strong gains on the day were helped by the House vote.
"It's helping stocks now and the bond market's turned around," he said. "The tax plan isn't a foregone conclusion, but it passed the lowest hurdle in the House. The even higher hurdle is to have something pass in the Senate."
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