The biggest overhaul of the U.S. tax code in more than 30 years is heading to the president’s desk after the House gave final approval earlier today, giving the White House a major legislative victory.
Overnight, the Senate approved the bill that slashes the corporate tax rate from 35 percent to 21 percent on a party line 51-48 vote. The bill also boosts the standard individual deduction and restructures taxes for pass-through businesses. It lowers most tax brackets, dropping the top rate from 39.6 percent to 37 percent. The U.S. House approved the bill twice after Democrats forced a re-vote today over procedural issues.