On Tuesday, the House voted, and passed on a $1.5 trillion tax bill which will cut tax rates for various corporations. However, according to a number of Democrats in the Senate, there were minor provisions in the bill that went against certain Senate rules, which forced the House to make the decision to take a second vote on Wednesday.

It is now Wednesday, and the House has officially approved President Trump’s tax bill. This is significant news as it is a major win for the Republican Party, and for the president, as it marks his first major legislative achievement.

The House vote on the tax bill was 224-201, and it is now en-route to the president’s office. It is one of the most significant rewrites of the tax code since President Reagan.

Essentially the tax bill will bring in rate slashes for companies in America, and it will also double the deduction that thousands, and perhaps millions, of families, declare on their annual returns. The bill will cut the tax rate to 21%. Before the Trump administration proposed the tax bill, the corporate tax rate was 35%. According to the Tax Policy Center, the percentage of taxpayers that will witness a tax slash in 2018 is a whopping 80%.

On Tuesday, during the first vote of the bill, some Republicans were jokingly suggesting that if the bill were to be passed it would be an early Christmas gift to America. However, some people didn’t agree with the statement.

It will be interesting to see how the market will react to the vote, as stocks have been fluctuating over the past two days while shareholders awaited the news. For the most part, stocks were surging rather than dropping, but today’s news might very well change that.

Featured Image: twitter