Trump Signs $1.5T Tax Cut Legislation

19 January, 2018, 01:48 | Author: Dustin Murphy
  • Getty Images Melania Trump news The First Lady had decorated The White House extravagantly throughout

Trump said that he made a decision to sign the landmark bill before heading to Florida for Christmas break after watching the media shame him on television for not getting tax reform done in 2017.

President Donald Trump signed the Republican tax bill into law on Friday that passed the House of Representatives and Senate in Congress earlier this week.

The fact is that the overwhelming majority of the tax cuts enacted by this bill will go to the top 1 percent wealthiest Americans, and the crumbs that are being scattered to the rest of us expire in a few years.

"Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office", Mr. Trump tweeted. Some employees are already benefiting from the tax plan.

Mr Trump said the bill would do "tremendous" things for businesses, the middle class and job creation.

Without the waiver, Trump would have had to wait until the New Year to sign the expensive tax cuts into law, or risk triggering draconian automatic spending cuts.

The signing marked the culmination of Trump's first major legislative achievement as president almost one year into his first term.

"I called downstairs, I said, 'Get it ready".

Republicans are trying to navigate the "awful politics" of the tax bill by saying that everybody will "benefit from the explosion of growth and wages that cutting taxes on corporations will supposedly produce".

"We are looking for the middle class, and we are looking for jobs, jobs being the economy". But he scrapped plans for a more formal signing ceremony in the new year to get it signed before heading to his Mar-a-Lago resort in Florida.

It is unknown when exactly President Trump will sign the bill into law.

Next on the president's legislative agenda is infrastructure. But the United States taxes corporations at a much higher rate than other Western industrial democracies - the average European corporate tax rate is about 18.4 percent. "So, we'll be having that done pretty quickly", the president said.

Democrats say that's not likely to happen, that the tax cuts are simply a boon to wealthy Americans like Trump and leave lower-income families in a lurch.



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