The House on Wednesday passed the GOP's tax plan in a 224-201 re-vote, sending the measure to President Trump's desk and his expected signature.
Economists say it will take months for them to analyze all 497 pages of the bill to asses the full implications of the new legislation.
Here's a breakdown of some of the winners and losers so far:
WINNER: MOST WORKING AMERICANS.
According to the Tax Policy Center's analysis, the majority of working Americans will benefit from the bill in 2018. However on average the highest earners get the largest tax cut.
Five percent of taxpayers will pay higher taxes in 2018, and nine percent will pay more in 2025.
LOSER: MOST WORKING AMERICANS.
A majority of Americans will pay higher taxes by 2027.
53 percent of workers, including 69.7 percent of people in lower income brackets, will pay higher taxes than they did in 2017.
WINNER: WEALTHY HEIRS OF THE RICHEST FAMILIES
The new law also doubles the amount of people exempt from the 40% inheritance tax to roughly $11 million for individuals and $22 million for couples.
LOSER: HOMEOWNERS IN HIGH INCOME STATES.
The new law caps property and state income tax deductions at $10,000. Experts predict it will lead to housing price declines in some wealthy areas in states like New York, New Jersey and California
Parents can use up to $10,000 from tax privileged education savings accounts known as 529s which were previously reserved for college to pay for private or religious k-12 schools.
LOSER: ARCTIC ANIMALS.
Republicans attached a measure to the tax bill that opens drilling in the Arctic National Wildlife Refuge, despite a bipartisan group of former Interior Department officials urging against it.
"As former officials at the department of the interior, we know our public lands intimately...In our view, there is no place like the arctic national wildlife refuge, and no place more deserving of protection for future generations of Americans. Some places are just too special to drill."