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The House just passed a new tax bill

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Updated November 16, 2017 03:44 PM EST

Thursday the House passed sweeping changes to the tax code for corporations and individuals. The bill passed 227-205 and was a much needed legislative win for the GOP House members and President Trump.

Changes include significantly cutting the corporate tax rate, cutting taxes for individuals and reducing the number of tax brackets.

The GOP website 'Fair and Simple' says the tax bill:

  • Lowers individual tax rates for low and middle-income Americans;
  • Eliminates special-interest deductions that increase rates and complicate Americans' taxes;
  • Significantly increase the standard deduction and establishes a new family credit;
  • Repeals the Death Tax and Alternative Minimum Tax (AMT);
  • Preserves the home morgtage interest deduction;
  • Reduces the tax rate on the hard-earned business income of Main Street job creators;
  • Prevents American jobs, headquarters, and research from moving overseas;
  • and lowers the corporate tax rate to 20%.

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