North America

Trump celebrates passing of tax bill

US President Donald Trump reacts as Vice President Mike Pence speaks about the tax bill. (AAP)

US President Donald Trump has had his first major legislative win with the House of Representatives passing a tax that benefits companies and the wealthy

US President Donald Trump has celebrated the passage of his tax bill at the White House along with Republican congressional leaders.

"It's the largest tax cut in the history of our country," Trump said at a White House ceremony.

A vote of 224-201 in the House on Wednesday was the final hurdle before it was sent to Trump to become law. No Democrats voted for it, and they were joined in opposition by 12 Republicans.

It is unclear when Trump will actually sign the legislation.

The Senate passed the massive tax bill early, but the House, which had cleared it, had to vote on it again because of revisions made to the legislation.

The vote in the Senate was 51-48, with all Republicans voting yes and all Democrats and independents voting no.

"In this bill, not only do we have massive tax cuts and tax reform, we have essentially repealed Obamacare, and we will come up with something that is much better," Trump told reporters. The legislation also repeals the individual mandate that required Americans to purchase health insurance.

The legislation has significant implications for Hollywood, including a massive tax cut for media companies. But there is a lot of anxiety among a number of individuals in the industry, who worry about the loss of key deductions. That will be especially true in states like California, New York, and New Jersey, where some taxpayers will face a higher liability..

House Minority Leader Chuck Schumer said that "tax breaks don't lead to job creation. They lead to big CEO salaries and money for the very, very wealthy".

He also spoke out against the legislation before the Senate vote, but was irritated as some Republican colleagues talked during his speech.

"We believe you're messing up America. You could pay attention for a couple of minutes," he said.

Stay up to date with SBS NEWS

  • App
  • Subscribe
  • Follow
  • Listen
  • Watch