Congressional Republicans delivered an epic overhaul of U.S. tax laws to President Donald Trump on Wednesday, bringing generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families.
In a re-vote due to a last-minute hiccup, the House passed the massive $1.5 trillion tax package that affects everyone’s taxes but is dominated by breaks for business and higher earners. Democrats call the legislation a boon to the rich that leaves middle-class and working Americans behind.
At A Glance: An early Christmas gift has been delivered to republicans in Washington. After a year controlling all three branches of the federal government, republicans finally scored a victory just before the end of the year.
Both the house and the senate have now passed the revised tax bill, which is the first major overhaul of the US tax system since the Reagan administration.
Popular deductions like the medical deduction and the student loan interest deduction were added back into the final bill. According to the Tax Policy Center, the average middle-class family can expect a tax cut of about $890.