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President Donald Trump steps off Marine One after landing at Walter Reed National Military Medical Center, Thursday, Dec. 21, 2017, in Bethesda, Md. (AP Photo/Evan Vucci)

Trump signed the GOP's $1.5 trillion tax overhaul into law

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Updated December 22, 2017 11:22 AM EST

President Trump on Friday signed into law a $1.5 trillion overhaul of the tax code, giving him and his fellow Republicans the first mjaor legislative victory of his tenure.

The legislation marks the first significant changes to the tax code since 1986, and Trump signed it after originally saying he would do so after New Year's Day.

Trump told reporters watching him sign the legislation at the Oval Office that "the numbers will speak" before he put his pen to paper.

The tax package grants large tax cuts to corporations and wealthier Americans, while providing smaller reductions for the nation's middle class and low-income families.

The Associated Press contributed to this report.

Updated December 22, 2017 10:25 AM EST

President Trump on Friday tweeted that he will sign the GOP's plan for significantly overhauling the tax code into late later that day at the White House.

"Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office," he tweeted. "Will also be signing a much needed 4 billion dollar missile defense bill."

Trump signing the tax reform package into law would give him and congressional Republicans their first major legislative victory of 2017 as the year winds down.

Updated December 21, 2017 11:38 AM EST

Updated December 20, 2017 01:11 PM EST

President Trump quickly took to Twitter to celebrate the passage of the GOP tax bill.

"We are delivering HISTORIC TAX RELIEF for the American people," the president tweeted, along with a gif of a present exploding into money to reveal the words "tax cuts for Christmas."

Updated December 20, 2017 12:57 PM EST

The House on Wednesday passed the GOP's tax plan in a 224-201 revote, sending the measure to President Trump's desk and his expected signature.

Wednesday's result capped off the first major legislative victory of Trump's presidency, while also enacting some of the sweeping reforms to the tax code Republicans have long desired.

The House was forced to vote on the legislation a second time after it passed through the Senate on a thin 51-48 GOP majority earlier Wednesday.

RELATED: Rosie O'Donnell offered two GOP senators $2 million each to vote against the tax bill

The Senate parliamentarian found that three provisions in the initial House-passed bill did not comply with budget rules Republicans are utilizing to halt Democrats from filibustering.

The House on Tuesday approved the controversial package in a 227-203 vote along party lines, kicking off the legislative whirlwind needed to meet Trump's promise of securing the reforms by Christmas.

Updated December 20, 2017 12:38 PM EST

Updated December 20, 2017 12:37 PM EST

President Trump on Wednesday praised the GOP's massive tax overhaul before the House conducts a second vote on the controversial legislation that afternoon.

"We had a historic victory of the American people," he said of the House and Senate passing the measure on Tuesday and Wednesday, respectively. "It'll go through final passage today, in the House."

"People are starting to see how great this historic victory was," Trump added during a Cabinet meeting at the White House. "The passage of the massive tax cuts and reform."

"There's a lot of reform in there, but the tax cuts supersede it. The heart of our bill is a tremendous amount of relief for the middle class, including a doubling of the child tax credit and a nearly doubling of the standard deduction."

Trump has long promised to significantly cut taxes, and the House revoting in favor of the package would hand Republicans their first major legislative victory of his presidency.

Updated December 19, 2017 05:16 PM EST

Democrats say three provisions in the Republican $1.5 trillion tax bill violate Senate rules and will likely be removed before that chamber votes on the measure.

The House approved the legislation Tuesday. But this means the House will have to vote again on the legislation once it’s been amended and approved by the Senate.

Senate passage was expected Tuesday night or early Wednesday. GOP House Majority Leader Kevin McCarthy’s office says the House would reconsider the bill Wednesday morning and send it to President Donald Trump for his signature.

Democrats said the Senate parliamentarian had found three items that violated Senate rules.

These included one provision that would let families use tax-advantaged 529 accounts for home-schooling expenses.

The problem was revealed by Vermont independent Sen. Bernie Sanders and Oregon Democrat Ron Wyden.

Updated December 19, 2017 02:35 PM EST

Sarah Huckabee Sanders briefs the press after the House passed the GOP's tax bill.

Updated December 19, 2017 02:30 PM EST

The House on Tuesday voted in favor of the GOP's tax bill 227-203, sending it to the Senate as Republicans race to score their first major legislative victory under President Trump.

The measure will next head to the Senate, where it is expected to edge out of the chamber on a slim GOP margin, shipping it to Trump's desk before Christmas as he promised.

"Today we are giving the people of this country their money back," Speaker Paul Ryan (R-WI) said on the House floor. "This is their money, after all."

Tuesday's vote marked a major win for Ryan, who along with other congressional Republicans has long championing overhauling America's tax code.

Trump also repeatedly promised large tax cuts during his 2016 election bid, and should the Senate send him a bill to sign, it would mark the first revamp of the tax framework since 1986.

Updated December 19, 2017 02:08 PM EST

The House votes on the tax bill.

Updated December 19, 2017 01:44 PM EST

Protesters chanted "Kill the bill, don't kill us!" ahead of the House's vote on the tax bill.

The House and Senate on Tuesday are poised to approve the most sweeping overhaul of the tax code in three decades.

The reform would give Republicans their first major legislative win during President Trump's tenure.

Tuesday's vote in the House is expected to fall mainly along political party lines, and the measure will then head to the Senate, where it is anticipated to squeak through with a slim GOP majority.

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The bill's centerpiece is a 40 percent tax cut for big corporations, but mom-and-pop businesses will also see their tax burden shrink dramatically.

The measure will also temporarily lower tax rates for individuals and families, while raising the standard deduction and the child tax credit.

The move's impact on individuals will vary, however, as it scraps or caps key tax deductions, notably the ability of individuals to subtract their state and local taxes from their federal tax bill.

Republicans have argued that overhauling the tax code will spurn U.S. economic growth, but Democrats have countered that their strategy unfairly benefits wealthy corporations.

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