Trump Celebrates Legislative Win After Congress Passes $1.5 Trillion Tax Cut Bill

The bill now goes to Trump for his signature, though it's not clear when he will sign it. The president, Vice President Pence and lawmakers hailed the victory and thanked each other for their work on the bill's passage on the White House lawn on Wednesday afternoon.

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"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," Trump said in a written statement earlier in the day. "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."

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"When people see their withholding improving, when they see the jobs occurring, when they see bigger paychecks, a fairer tax system, a simpler tax code, that's what's going to produce the results," House Speaker Paul Ryan said Tuesday. "Results are going to make this popular."

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People across income levels will see a tax cut of some sort under the bill, though most of the benefits will go to top earners. By February, federal income tax withholding is expected to be adjusted in paychecks, but for most people, the changes may not be apparent until April 2019 when 2018 taxes will be due for annual filers.

The GOP has long sought a big overhaul of the tax code to simplify it by eliminating complex tax breaks and lowering rates, but in the end, the tax bill did not do much to actually simplify the code.