What’s in President Trump’s Tax Bill as it Heads to the Senate

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  What's in President Trump's tax and spending bill that's headed to the Senate?

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  Plus, the Trump administration blocks Harvard from enrolling foreign students.

• 00:12

  And antitrust enforcers raise concerns about how institutional investors wield ownership of shares in rival companies.

• 00:19

  If courts eventually ruled that this kind of common ownership could be a violation of antitrust law,

• 00:26

  it would be a huge deal.

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  frankly, for the business model of this kind of fund investing, which is huge.

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  It's Thursday, May 22nd.

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  I'm Alex Osola for The Wall Street Journal.

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  This is the PM edition of What's News,

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  the top headlines and business stories that move the world today.

• 00:49

  Early this morning,

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  the Republican-led House passed President Trump's sprawling tax and spending bill after party leaders made a series of last-minute changes that united their warring wings.

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  The vote was 215 to 214, with one lawmaker voting present.

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  Richard Rubin, who covers tax policy for the journal, joins me now.

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  OK, Richard, what was actually in this final bill that did eventually pass?

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  This bill is a combination of... weirdly, tax cuts,

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  tax increases, spending cuts, and spending increases.

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  It extends the expiring 2017 tax cuts, which laps at the end of this year.

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  and add some new tax cuts,

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  versions of the no tax on tips and overtime and Social Security benefits,

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