Donald Trump signs sweeping tax overhaul, sealing major victory

Trevor Jackson
December 25, 2017

And that was OK with him.

Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that "the numbers will speak". So he ordered up a spur-of-the-moment signing event where he ticked through what he described as the "tremendous" accomplishments of his first year in office.

President Donald Trump says he's getting ready to sign into law a $1.5 trillion tax overhaul package.

But the tax cut was at the top of Trump's mind after months of struggling to deliver his agenda through a Republican-controlled Congress. Trump on Friday thanked the absent GOP leaders and called the bill "something I'm very proud of".

"Mitch McConnell has been fantastic, he worked so hard", Trump said.

The plan, which critics say benefits the wealthy more than the middle class, lowers the corporate tax rate down from 35% to 21%, almost doubles the standard deduction for individuals, repeals the individual mandate in the Affordable Care Act and restructures the way pass-through businesses are taxed. Republican leaders have said they're willing to take that step in pursuit of a boost to the economy.

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Trump also pointed to a number of companies that have said they are using part of their savings to give bonuses to their employees. "I think it's selling itself".

The bill's signing ends the president's first year in office on a high note. Trump's plan is also smaller than cuts in 1948, 1964 and 1921, and probably in other years.

"We are compiling a long @ attractive list", he tweeted. After the bill's passage, Trump celebrated with Republican lawmakers at the White House's South Lawn.

Trump signed the bill shortly before departing for his Mar-a-Lago resort in Florida, pulling forward a formal signing initially planned for January.

"It will be an incredible Christmas gift for hard-working Americans", Trump said in his remarks on Wednesday. That's a major change but far from end of "Obamacare", as Trump has suggested. Infrastructure, he said, is "easy".

Other reports by TheDailyFarc

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