- The Senate passed a $1.5 trillion tax cut early in the early hours of Wednesday
The House earlier passed the tax cut by a vote of 227-203 but two provisions ran afoul of parliamentary test meaning they had to vote again on Wednesday
Second vote was 224-201 with 12 Republicans crossing party lines to vote no
President Donald Trump fired off a pair of tweets in the morning and took a public victory lap first during a cabinet meeting - then at a White House ceremony
He was handed his own Christmas bonus as AT&T said it would give each worker $1,000 bonus because of the massive cut to its corporate tax rate to 21 per cent from the current 35 per cent
Trump called it a 'special moment' in American history and said: 'We are making America great again!'
Vice President Mike Pence called it a 'middle class miracle' and said 'Merry Christmas America!'
President Donald Trump hailed his tax cut victory as the start of 'a very special period of time' in America on Wednesday as he promised the reforms would lead to 'jobs, jobs, jobs, jobs.'
'We are making America great again!' Trump said at an outdoor ceremony on the South Lawn of the White House with Republican lawmakers.
Vice President Mike Pence, who was up late last night presiding over the final vote in the Senate, declared the bill's passage a 'middle class miracle' and shouted, 'Merry Christmas America!'
Trump was handed an immediate Christmas bonus of his own as AT&T announced it would give its more than 200,000 workers a $1,000 bonus once the tax cut is signed into law, and Wells Fargo, Boeing and Comcast, which owns NBC Universal, quickly followed suit with boosts for their workforces.
GOP leaders congratulated Trump on the legislative achievement - the first major one of his presidency - one-by-one in remarks that praised him as the greatest executive officeholder in decades.
'Something this big, something this generational, something this profound could not have been done without exquisite presidential leadership. Mr. President, thank you for getting us over the finish line,' said House Speaker Paul Ryan.
Senate Majority Leader Mitch McConnell likewise said, 'America is going to start growing again. Thank you Mr. President for all you're doing.'
'But for your leadership, we would not be here today,' House Ways and Means Chairman Kevin Brady piled on.
President Donald Trump proclaimed the GOP tax cut plan a 'historic victory' on Wednesday as the House headed to the floor for final passage
GOP leaders congratulated Trump on the legislative achievement - the first major one of his presidency - one by one in remarks that praised him as the greatest executive officeholder in generations
U.S. Rep. John Culberson of Texas gives a thumbs up to U.S. President Donald Trump (bottom) as he stands with fellow Republican members of Congress before the president's remarks on tax reform's passage
Rep. Kevin McCarthy, the House majority leader, at his turn said, 'This is a big day for America. This is America's comeback.
'Come February check your check, because that will be the pay raise of the vote for Donald Trump,' McCarthy stated.
Senator Orrin Hatch, the Senate Finance Chairman, effusively said that Trump was 'one heck of a leader' and the bill 'could not have passed without you.'
'We're making headway. This is just the beginning,' the Utah senator who has not declared his intent to run for re-election next year said. 'I just hope that we call get behind him every way we can and we'll get this country turned around in ways that will benefit the whole world.'
Hatch said, 'We're gonna make this the greatest presidency that we've seen not only in generations but maybe ever. God bless all of you.'
The president told lawmakers in his remarks that the negotiation process has 'been an amazing experience,' and Republicans have now 'broke every record' with the size of tax slash.
'It was a lot of fun. It's always fun when you work hard and win,' Trump assessed. 'If you work hard and lose, that's not acceptable.'
YOU'RE WELCOME AMERICA: President Trump walks onto the South Lawn for his tax cut rally on Wednesday afternoon
HAPPY TAXMAS: That was the White House's message as it closed out the Wednesday workday after tax legislation passed
Big busness follows: Comcast, which also owns NBC Universal, announced $1,000 each for more than 100,000 staff, Boeing said it would put $300 million into workforce development and Wells Fargo hiked its minimum wage to $15 an hour
The biggest publicity coup for Trump may well be the immediate move by corporate giants to pass some of their winnings to workers.
AT&T said that it will pay $1,000 bonuses to more than 200,000 employees - and promised to make $1 billion in new investments in the United States next year - once the tax reform bill is signed into law.
As part of that bill, the tax rate on corporations will drop from 35 per cent to 21 per cent. Trump previously called the measure 'rocket fuel' for the economy.
After AT&T's announcement, other companies followed suit.
Comcast NBCUniversal said it would award $1,000 bonuses to more than 100,000 workers, 'based on the passage of tax reform' and a recent FCC decision to repeal 'net neutrality' rules.
The cable and Internet giant also boasted that it 'expects to spend well in excess of $50 billion over the next five years investing in infrastructure.'
Boeing said it would make a '$300 million employee-related and charitable investment as a result of #TaxReform legislation.'
And Fifth Third Bancorp in Cincinnati, Ohio said it will pay $1,000 bonuses to more than 13,500 employees and raise the minimum wage for its workforce to $15 per hour because its tax rate is about to plummet.
Wells Fargo matched that $15 per hour minimum wage hike and said it was prompted by the tax plan. The San Francisco-based bank also said it would make $400 million in donations to nonprofit charities and other community organizations in 2018.
FedEx also showed optimism, with its CFO saying during an earnings call that the package shipping giant will likely expand if the tax cuts lead to larger national economic growth.
'GDP could increase materially next year as a result of U.S. tax reform. If this occurs, we would likely increase capital expenditures and hiring,' Alan Graf told investors.
Trump had proclaimed the GOP tax cut plan a 'historic victory' earlier on Wednesday as the House headed to the floor for final passage.
'It will be an incredible Christmas gift for hard-working Americans. I said I wanted to have it done before Christmas. We got it done,' he said.
Trump harrumphed to his cabinet that Democrats, who did not give the bill a single vote in either chamber, 'don't like to see tax-cutting' and 'they like to complain.'
Minutes later, the House voted to approve the legislation for a second time without their help, having had to take up an amended version after a hiccup in the Senate invalidated the bill the lower chamber passed yesterday.
The legislation sailed through by a 224-201 margin with 12 Republicans crossing party lines to side against it.
'Now this historic legislation will be sent to the president's desk so we can start 2018 with a new tax code,' Ryan said in a statement once voting had finished.
The Senate passed the GOP's $1.5 trillion tax cut early Wednesday morning, leaving just one technical hurdle and Trump's signature as the final steps before the Republican president's top legislative priority became a reality.
Trump will not be able to sign the bill on Wednesday but delivered afternoon remarks at the White House anyway, where he was flanked 100 or so Republican lawmakers.
He took an early victory lap in his cabinet meeting and in a statement released by the White House just after the final congressional vote.
'I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting,' he said. 'I would like to thank the members of Congress who supported this historic bill, which represents an extraordinary victory for American families, workers, and businesses.'
Trump predicted that tax reform would lead to an even greater reduction in unemployment, new highs for the stock market and an increase in wages.
'By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy,' he said. 'America is back to winning again, and we’re growing like never before. There is a great spirit of optimism sweeping across our land. Americans can once again rest assured that our brightest days are still to come.'
At his cabinet meeting, Trump said said the gathering was 'one of celebration' as he reveled in his administration's first major legislative achievement.
'You know, for 34 years, they've been trying to do this, and they haven't,' Trump said.
Now comes the difficult work of selling the bill. A poll released Wednesday by NBC found that a mere 24 percent of voters had a favorable opinion of the plan.
A senior official said Wednesday that government representatives would continue to hold events across the country but it is the administration's position that 'the results will speak for themselves.'
Cuts are expected to kick in next year in February - roughly eight months before the next wave of federal elections.
'We know that we are going to be able to have the truth set us free when it comes to that specific issue,' the official said.
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