Update, 4:57 pm: Several provisions in the GOP's sweeping tax bill violate the Senate's procedural rules and will likely need to be removed, according to Senate aides. The House is expected to re-vote on the legislation Wednesday, after the Senate votes Tuesday night.
House Speaker Paul Ryan spoke about the passage of the 'Tax Cuts and Jobs Act' Tuesday. He touted the plan as a "promise kept" and said it would take effect as soon as possible.
"On January 1, Americans are going to wake up with a new tax code. On February 1, they are going to see withholdings go down, so they are going to see bigger paychecks. And April 15 will be the last day they have to comply with the old, bad system," Ryan said.
PAUL RYAN: I want to start by thanking the American people, our constituents, who sent us here to do this work for them.
This is one of the most important pieces of legislation that Congress has passed in decades to help the American workers and to help grow the American economy. This is a profound change that is going to put our country on the right path.
For all those millions of men and women in America who are living paycheck to paycheck, who are struggling to get ahead, help is on the way.
For all those businesses that are tied with one hand behind their back in this global economy having a hard time to compete, help is on the way...
This has been a long work in progress. And what this achievement marks is a promise that this majority made, and a promise that this majority is keeping.
We said in 2016 that it would take real tax reform for families and businesses to get the economy working, and we were serious. The American people placed their trust in us to get this done for them, and today we are fulfilling that promise.
This promise being kept today is one of the most important things we can do to get the U.S. economy growing faster, to help people get bigger paychecks, to have a fairer tax system, and to simplify the system so people can have more peace of mind.
On January 1, Americans are going to wake up with a new tax code. On February 1, they are going to see withholdings go down, so they are going to see bigger paychecks. And April 15 will be the last day they have to comply with the old, bad system.
This is a good day for America, this is a good day for workers, this is a great day for growth, and we are very excited.