GOP Tax Bill Passes Congress

The House passed the final version of the GOP tax bill on Wednesday, December 20th, capping off a furious seven-week push to bring about the most sweeping change to the U.S. tax code in decades, according to Business Insider.

The nearly $1.5 trillion tax cut required a second vote in the House after a Senate rule forced Republicans to remove three minor details from the bill on Tuesday, December 19th. The bill will now head to President Donald Trump's desk for a signature before it officially becomes law.

The GOP tax bill, known as the Tax Cuts and Jobs Act, is set to bring about widespread changes to the U.S. tax code on both the business and individual sides.

CNN reports that the plan drops the corporate tax rate down from 35 percent to 21 percent, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed. The bill keeps seven personal income tax brackets and lowers tax rates for most brackets, including dropping the top rate to 37 percent from 39.6 percent.

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