---
title: "CNBC: House Republicans vote to send massive tax overhaul to Trump's desk"
url: https://burnaze.com/article/926ab7e1-ff28-4d0a-8435-f8aadc1889e0
source: "1851 Franchise"
original_url: https://1851franchise.com/cnbc-house-republicans-vote-to-send-massive-tax-overhaul-to-trumps-desk-2705065
category: "Finance"
topics: ["Finance & M&A"]
published: 2017-12-20T17:12:40.000Z
modified: 2026-11-01T04:11:11.432Z
image: https://newimage.1851franchise.com/cdn-cgi/image/quality=85,format=webp,width=1280,height=720/story/featureImage/9c8e42e426c59c47a9371a6df20fae516618.jpg
---

# CNBC: House Republicans vote to send massive tax overhaul to Trump's desk

**TL;DR:** The US House and Senate have passed a massive tax overhaul, sending the bill to President Trump's desk. The plan will significantly decrease tax rates for businesses and temporarily for most individuals.

*originally published in 1851 Franchise on 2017-12-20. [Read the original](https://1851franchise.com/cnbc-house-republicans-vote-to-send-massive-tax-overhaul-to-trumps-desk-2705065).*

## Story

A major tax overhaul of the current American tax system is one step closer to being implemented. According to a recent CNBC article, both the House and Senate have passed the proposal, sending the bill to President Trump's desk. The Senate passed the proposal early Wednesday morning with a 51-48 vote, with strict party line division.

All GOP senators voted for the bill, with the exception of Sen. John McCain who was not present for the vote. Due to a few technical changes to the bill in the Senate, the bill was then sent back to the House for another vote, where it secured enough votes to pass again.

The plan will significantly decrease tax rates for businesses and temporarily for the majority of individuals. Members of the GOP believe the more than $1.4 trillion in tax cuts will encourage businesses to spend more on wage growth, hiring and investments, while Democrats have concerns over the $1 trillion projected federal budget deficit over the next decade from these cuts.

The GOP tax plan is expected to become a law for next year.

## Entities

- 1851 Franchise (publication)
- General (sector)
- Donald Trump (person)
- Senate (regulator)
- House of Representatives (regulator)
- GOP (regulator)
- tax overhaul (topic)
- gop tax plan (topic)
- federal budget deficit (topic)

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Originally reported by 1851 Franchise (https://1851franchise.com/cnbc-house-republicans-vote-to-send-massive-tax-overhaul-to-trumps-desk-2705065). Summarized by Burnaze (https://burnaze.com/article/926ab7e1-ff28-4d0a-8435-f8aadc1889e0).