$1.5 trillion tax bill passed by House legislation

On Nov. 16, the House legislation passed a $1.5 trillion tax bill that will decrease tax rates on businesses, reduce the individual tax code and reduce estate taxes, which may affect wealthy heirs. Republicans supported this bill, claiming for the tax code to become simpler as it may eliminate deductions, benefit U.S. companies competing overseas and reduce taxes on the middle class. However, Democrats, who were against this bill pass, claimed that the bill would only benefit corporations and the wealthy while increasing taxes for the middle class.