The bill is the first major overhaul of the nation's tax laws since 1986.
Today, President Donald Trump signed into law a $1.5 trillion tax overhaul package. The massive tax package is the largest overhaul since the 1980s and is regarded as the first major legislative accomplishment since Trump took office in January of this year.
According to Fox Business, the bill will cut the corporate rate from 35 percent to 21 percent and temporarily reduce the tax burden for most individuals. Democrats have been opposed to the bill, concerned about what it would add to the national debt while Republicans are divided on what next steps will be when restructuring federal benefits programs.
Trump also approved a short-term spending bill that prevents a potential government shutdown.
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