Trump looks for plaudits, inks tax law

26 December, 2017, 06:10 | Author: Irene Delgado
  • Trump looks for plaudits, inks tax law

Washington D.C. (U.S.A), Dec 23 (ANI): "United States President Donald Trump has signed the Republicans" massive Dollars 1.5 trillion tax overhaul into law, before leaving for his Mar-a-Lago estate in Florida for the winter holidays.

Trump decided against doing a formal signing ceremony early next year because television news networks questioned whether he would keep his promise to sign the legislation before Christmas.

"I called downstairs and said, 'We have to get it ready now, ' " Trump said.

He walked through various provisions of the bill, which he touted as "a bill for the middle class and a bill for jobs", adding that "corporations are literally going wild".

There was some discussion in Congress and at the White House that Trump should consider delaying the signing until early 2018 as a way to delay automatic spending cuts that could have been triggered by the tax cuts. Also, Speaker of the House Paul Ryan (R-Wis.) has said he wants to tackle entitlement reform - in a midterm election year nonetheless - while Senate Majority Leader Mitch McConnell (R-Ky.) has dismissed that as a priority.

The president signed the legislation at the White House on Friday, just before the Christmas holiday break, a self-imposed deadline Trump had promised to meet.

The president cited a subset of that $5.5 trillion, the amount that he said would go to "American families". Comcast did the same for more than 100,000 of its employees, a result of tax reform and the demise of so-called net neutrality rules.

The president then took a swipe at Democrats who didn't support the bill.

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A fresh estimate by the Tax Policy Center says the average savings for the middle quintile of taxpayers will be $900 a year and less for those in the bottom two quintiles.

On Twitter, he wrote that the mainstream media "NEVER talk about our accomplishments in the end of year reviews".

It was initially thought that Mr Trump would wait until the new year before signing the package into law, but instead, he decided to make it one of his final items of business before jetting off to his Florida estate for Christmas. He added: "We are compiling a long lovely list".

Republicans also claim a typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.

It is the first major overhaul of the nation's tax laws since 1986, but far from the largest tax cuts in American history as the president claims.

White House Fact Sheet, Dec. 20: The Tax Cuts Act provides $5.5 trillion in tax cuts, $3.2 trillion, or almost 60 percent, of which go to families. Congress will also have to decide what to do about those affected by the president's decision to end the Deferred Action for Childhood Arrivals (DACA) program, which protects some young people who came to the US illegally as children.

What it does not include are the many offsets in the tax plan.

"I really believe infrastructure can be bipartisan", Trump said, saying "Infrastructure is the easiest of all".

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