UPDATE [12/19/17, 5:05 p.m. ET]:
Republicans’ final version of tax reform will need another vote after the House of Representatives, according to Democrats, passed the legislation with provisions that violated Senate procedural rules. Both chambers seek to agree on a bill that President Donald Trump can sign into law.
According to CBS News, the Senate could waive the rules requirements with a 60-vote majority, but would need some Democrats to support that effort.
After House Speaker Paul Ryan (R-Wis.) slammed the United States’s current tax system, the House of Representatives approved Republicans’ final version of a bill that would lower individual and corporate tax rates.
The bill, titled “The Tax Cuts and Jobs Act,” passed along a 227-203 vote and put President Donald Trump one step closer to accomplishing a major piece of his legislative agenda.
The Senate is expected to pass the bill with its narrow majority in the chamber and support from GOP leaders.
Democrats railed against the bill for its price and for transferring money from the middle class to the wealthy.
Republicans framed reform as a way to help the middle class and spur economic growth, something they said would help mitigate the cost of slashing tax rates.
“Today, this is about how much better things can be,” Ryan said before the vote.
“This is about more jobs, fairer taxes. It is about bigger paychecks. It’s about faster growth and upward mobility. It’s about a strong economy that makes all of us stronger and healthier. Those are the effects, those are the benefits of tax reform.”
While it’s unclear how much the final version would cost, the Congressional Budget Office (CBO) estimated that earlier versions, passed by the House and Senate, would deepen the deficit by at least $1 trillion.
The final version, however, repealed the individual mandate, a provision the CBO said would help save billions in costs.
Watch Ryan’s speech below, via Fox News.