House passes $1.5 trillion tax bill, cuts rates for individuals and businesses

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The House passed a nearly $1.5 trillion tax bill on Thursday that would slash tax rates on corporations and private businesses, overhaul the individual tax code and eliminate taxes on wealthy heirs.

The 227-205 vote on the Tax Cuts and Jobs Act is a victory for Speaker Paul Ryan, R-Wis., and for President Donald Trump, who spoke to Republican members ahead of the vote.

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