On Tuesday, the House passed the GOP tax bill. It's a "sweeping $1.5 trillion tax bill," says NBC News. It slashes tax rates for corporations, provides new breaks for private businesses, and reorganizes the individual tax code.
The Senate is also expected to pass the bill. That means President Trump could be signing the package, dubbed the Tax Cuts And Jobs Act, into law before week's end. The bill will be his first significant legislative accomplishment. NBC News calls it the biggest tax overhaul in a generation.
The Republican bill was approved on a 227-203 vote in the House. No Democrats voted for the bill, and twelve Republicans also voted no.
However, NBC Politics reported that the bill will have to go back to the House tomorrow due to issues in the bill. The Senate will vote to fix those problems before the revote.
"BREAKING: Because of parliamentarian issues with the House-passed version of the tax reform bill, the Senate will vote tonight to change some provisions, and the House will have to revote tomorrow morning," tweeted NBC.
The bill's most prominent feature is a permanent decrease of the corporate tax rate to 21 percent from 35 percent. Supporters of the decrease say it will make American business more competitive overseas.
House Speaker Paul Ryan spoke on the House floor moments before the vote. He declared that the legislation will "help hard-working Americans who have been left behind for too long."
"Today, we are giving the people their money back," he said, adding that the typical American family would get a $2,059 tax cut next year.
Debate in the Senate on Tuesday night could go on for as long as 10 hours. However, NBC says the passage of the bill is almost certain as the Republicans have enough votes on their own to pass it.
The bill lowers individual tax rates, doubles the standard deduction, and replaces personal exemptions with a $2,000 partly refundable child tax credit. The bill also abolishes the Affordable Care Act's penalty for Americans who don't purchase insurance.
At the White House, Press Secretary Sarah Huckabee Sanders said, "The president will have delivered the most significant tax cut in the history of the nation."
"We will look forward to signing it, hopefully in the next couple days," she added.
The American people aren't necessarily fans of the bill at the moment. Over half of Americans disapprove of the bill.
"I don't think we've done a good job messaging," Rep. Greg Walden, told reporters ahead of the vote. "I don’t think we've gotten out there the specifics and the final bill has only come together in the last week or so."
White House director of legislative affairs, Marc Short, added that he thinks opinion will improve in the months to come.
"I think that is going to change, we will see once the economy continues to roar and people begin to see more coming in their paycheck," Short said on MSNBC.
Stay tuned for news on whether the GOP tax bill passes the Senate. In other news, Paul Ryan is responding again to the rumors that he won't be around in 2018.