tax cut

Leslie Ovalle / WLRN News

President Donald Trump visited South Florida Monday and heard Cuban-American business owners heap praise on him for his $1.5 trillion tax cut package.

Updated on Dec. 22 on 12:02 p.m. ET

Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently.

Senate Republicans hope to vote after Thanksgiving on a sweeping tax overhaul plan that they say will cut taxes for nearly every individual and family in America. The bill calls for those cuts to last only for the next eight years, unless history is a guide.

Updated at 5:00 p.m. ET

President Trump and GOP congressional leaders have outlined their plan for the most sweeping overhaul of the federal tax code in more than three decades.

They're proposing deep cuts in both individual and corporate tax rates, saying that will help supercharge a slow-growing economy.

"We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and yes, tax reform that is pro-American," Trump said Wednesday during a rally at the Indiana State Fairgrounds.