FILE - President Donald Trump

President Donald Trump speaks at an event in Harrisburg, Pa., on October 11, 2017.

President Donald Trump on Friday signed into law a massive tax reform measure that slashes corporate taxes, reduces most personal income taxes and ends the individual mandate under Obamacare that everyone purchase health care.

The signing ceremony was held in the Oval Office shortly before Congressional Republicans heaped praise on the president.

"Come February, check your check," House Majority Leader Kevin McCarthy, R-California, said. "Because that will be the pay raise of the vote for Donald Trump."

The U.S. House and Senate passed the $1.5 trillion package of tax cuts earlier this week with no support from Democrats, who call it a massive tax break for corporations and wealthy Americans.

The GOP plan replaces current tax brackets with seven new ones, most of them lower. The corporate tax rate will be reduced from 35 percent to 21 percent, a cut Republicans have said is vital for the U.S. to become more competitive with other countries and which will lead to job and wage growth.

The standard deduction taken by a majority of families would be nearly doubled, to $24,000 for a married couple. The reduction for state and local taxes (SALT) will be capped at $10,000. The child tax credit will be increased to $2,000 from $1,000.

It also repeals the Affordable Care Act's individual mandate, which required all Americans to purchase health care coverage whether they wanted it or not.

Later Friday, Trump was expected to travel to his Mar-a-Lago resort in Florida for the holidays.