Arnie Seipel

Updated on Dec. 22 on 12:02 p.m. ET

Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently.

Updated at 7:29 p.m. ET

In making his "closing argument" for tax legislation expected to get a vote in Congress next week, President Trump announced that the changes would take effect early next year.

Updated Dec. 2 at 11:57 a.m. ET

The Senate narrowly approved a $1.4 trillion tax overhaul early Saturday morning following a day of procedural delays and frustration.

The legislation, which would cut the top corporate tax rate to 20 percent and lower taxes for most individuals, narrowly passed in a vote of 51-49. Tennessee Republican Bob Corker was the only Republican to vote against the legislation, joining every Democrat and both independents in opposing the sweeping overhaul of the nation's tax laws.

Updated at 11:20 a.m. ET

Senate Republicans continued maneuvering to pass their overhaul of the nation's tax code on Friday, possibly working around concerns by stern deficit hawks after an official estimate on Thursday said that the economic growth spurred by the plan would still leave a $1 trillion hole in the deficit.

Updated at 4:12 p.m. ET

The Trump administration is putting North Korea back on the State Department's list of state sponsors of terrorism. President Trump says the move "supports our maximum pressure campaign to isolate this murderous regime."

President Trump told reporters on Monday that the Treasury Department will officially announce additional sanctions and penalties on the North Korean regime on Tuesday.

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