The 2017 bill brought about sweeping, albeit temporary, changes to the tax code. Provisions which nearly doubled the standard deduction, upped the monetary thresholds for tax brackets, lowered the top tax rate and bumped up the child tax credit were set to expire at the end of 2025.

The House on Thursday passed the signature piece of legislation of President Trump's second term, approving his "big, beautiful bill" by a vote of 218 to 214.

The Republican package would slash taxes, boost spending on immigration enforcement and the military, and impose steep cuts to Medicaid, SNAP and clean energy funding.