Congress passes Trump's 'big, beautiful bill' cutting taxes and spending
Bill breakdown and industry impact
The controversial Tax Cuts and Jobs Act narrowly passed Congress, marking the largest transformation of the tax code in decades. Many view the bill as a game-changer for the American economy, citing provisions such as a significant tax rate reduction for businesses and a doubling of the standard deduction for individuals. However, critics are concerned about its effects on the national debt. The bill will now go to the Senate.
What's next?
The President has expressed urgency in getting the bill onto his desk before the end of the year. Republicans are hoping to capitalize on their success in the midterm elections, and passage of this bill would be a major win for the party.
