The bill slashes the corporate income tax rate from 35 per cent to 21 per cent. Twelve Republicans also voted against the measure. An NBC-Wall Street Journal poll found that 37 percent of Americans believe the middle class will pay more.
The tax reform bill will now head to Trump's desk for a signature before it can become law.
The vote was a triumph for Ryan, a self-described policy wonk who put aside his vision for a more comprehensive, cutting-edge - and controversial - approach to overhauling corporate taxes earlier this year. Families at every income level will get a tax cut. "It's kind of changing our worldwide tax system and, for the first time, really putting rules in place that will really stop companies from shifting profits overseas and gaming the system the way they do today", the official said, adding that it is really tax cuts and tax reform.
President Trump, right, gestures beside House Speaker Paul Ryan, left, at an event with Republican members of the Senate and House of Representatives on the passage of the Republican tax plan on the South Lawn of the White House in Washington, D.C., on December 20, 2017.
The House also voted 251-169 Thursday night to approve an $81 billion emergency disaster relief package to aid hurricane victims in Puerto Rico, the U.S.
Other changes were related to provisions allowing parents to use 529 educational savings accounts to cover expenses of home-schooling their children and subjecting certain private universities' endowments to a new excise tax. Surprisingly, the republican-dominated House of Representatives was less than enthusiastic about the measure since it only passed by about 50 votes - 231 to 188 no votes.
LIASSON: It means Republicans have to sell it, and that's what the White House says the president will be doing. But the gathering won't be a signing event, which will happen at a "later date", White House Press Secretary Sarah Huckabee Sanders said in an emailed statement. This is most likely to affect buyers in expensive markets, such as California and NY.
But overall, most will get a cut of some size. The measure caps at $10,000 the amount that can be deducted for those taxes, as well as property and sales taxes. After the bill's passing, many people took to social media to share their anger.
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Republican Sen. Susan Collins voted for the tax cut bill in exchange for a promise that Senate Majority Leader Mitch McConnell would schedule a vote on a bipartisan plan, first sponsored by Sens.
"There is no shame left in Washington when the biggest piece of legislation passed by this Republican Congress is literally a windfall for their wealthy donors", said Murphy. This tax cut will inspire thousands more would-be entrepreneurs to start their own business, reversing the decades-long slide in new small business creation. "This increased demand could drive prices up even higher than they are already".
"Absolutely. We're looking forward to it", McConnell said.
One after the next, they sang the praises of a president with whom some had testy scraps in his first year.
"The repeal of the individual mandate and the modifications to the state and local taxes combined with the stated intent that an additional $1.5 trillion in federal debt created by this legislation will be used to justify dramatic and devastating cuts in federal healthcare programs like Medicaid, will have disastrous impacts on America's healthcare system".
Tenney says the Tax Cuts and Jobs Act will move the country in the right direction.
Democrats blasted the bill as a boon only to the rich - and to businesses like Trump's.