Congress passes massive tax reform

Largest tax reform in decades goes to President for signing.

Gary Willig,

Donald Trump
Donald Trump

The House of Representatives passed the final version of the largest tax reform passed by Congress in decades Wednesday.

The House voted 224-201 to approve the new version of the bill, which was altered to be more closely aligned with the Senate version. The bill will now be sent to US President Donald Trump for approval.

The $1.5 trillion package is the largest change to the US federal tax code since the Reagan Administration in the 1980s.

"This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans," Trump said during a Cabinet meeting Wednesday.

"It’s going to give us better jobs, higher wages, bigger paychecks and a simplified system,” House Speaker Paul Ryan, R-Wis., told Fox and Friends.

US Vice President Mike Pence delayed his trip to Israel and Egypt until after the new year commences in order to ensure the bill passed in the Senate, where he holds the tie-breaking vote. However, Pence's vote was not needed, as the bill passed by a margin of 51-48. Former presidential hopeful, Senator John McCain, was the only Republican to vote against the bill in the Senate.

The bill cuts the corporate tax rate from 35% percent to 21% and doubles the standard tax deduction used by the majority of US households.

Democrats opposed the bill, calling it a tax break for the rich which harms the middle class.