A tax reform bill is now headed to the White House for President Donald Trump’s signature after Congress passed the measure Wednesday, Reuters reported Wednesday.
The House voted 224-201 and the upper chamber voted 51-48 to approve the measure that would reduce the corporate tax rate from 35 percent to 21 percent and authorize a 20 percent cut on business income.
The legislation would lower the tax rate for high-income earners, introduce changes to the estate tax on inheritances and eliminate a tax penalty on individuals who lack health insurance under the Obamacare law.
The report noted the bill would contribute $1.5 trillion to the $20 trillion national debt over the next 10 years.
Gary Cohn, White House economic adviser, said Trump could sign the measure by Friday if Congress passes this week a spending resolution that would include a waiver on automatic spending cuts that could be prompted by the tax bill.
“If not, most likely we’ll sign it in the first week of the new year,” Cohn added.