BREAKING: Tax bill passes House, heads to President's desk - KWWL - Eastern Iowa Breaking News, Weather, Closings

BREAKING: Tax bill passes House, heads to President's desk

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 WASHINGTON (AP) -- 
   Republicans in Congress have delivered an epic overhaul of U.S. tax laws to President Donald Trump, bringing generous tax cuts for corporations and the wealthiest Americans, and billions to be added to the national debt.
   The $1.5 trillion package, billed as a huge boon for the middle class and a spark to economic growth, provides smaller tax cuts for middle- and low-income families.
   The GOP-dominated House voted -- a second time -- along party lines on Wednesday to approve the complex legislation, following a narrow vote after midnight in the Senate.
   The measure slashes the corporate income tax rate from 35 percent to 21 percent. The tax cuts for business are permanent, but reductions for individuals and families expire after a decade. The standard deduction used by around two-thirds of Americans will nearly double to $24,000 for married couples.
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   12:05 p.m.
   President Donald Trump is celebrating the GOP tax legislation, claiming it fulfills his campaign promise to repeal the Affordable Care Act.
   Speaking during a Cabinet meeting, he says: "Obamacare has been repealed in this bill."
   But the bill only repeals the individual mandate, which imposes a tax penalty for failing to purchase health insurance -- a significant, but small part of the law -- rather than the extensive legislation passed by his predecessor.
   Trump-backed GOP efforts to undo the health care legislation failed repeatedly earlier this year, and congressional lawmakers are debating needed fixes to the bill to stabilize the individual marketplace.

WASHINGTON (AP) -- Senate Republicans have passed the most sweeping rewrite of the nation's tax laws in more than three decades, setting the stage for a final House vote Wednesday.

The House passed the bill earlier Tuesday. But the Senate had to make minor changes so the bill would comply with Senate budget rules.

The Senate vote was 51-48 on early Wednesday, with all Republicans in favor and all Democrats opposed.

Rewriting the tax code has been a longtime goal of Republicans and an effort championed by President Donald Trump.

Democrats complain that the package is a giveaway to corporations and the rich.

The tax cuts total nearly $1.5 trillion over the next decade and would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.

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