Trump Signs GOP Tax Bill Into Law
- 6 years ago
President Trump on Friday signed the GOP tax bill into law.
President Trump on Friday signed the GOP tax bill into law.
"This is the bill, right here, we're very proud of it," Trump told reporters.
Earlier, media outlets reported the signing might be delayed until January in the interest of avoiding $120 billion cuts to programs including Medicare, affordable housing subsidies, farmer price protections, and aid for victims of crime.
However, the New York Post noted, "Congress added language Thursday to prevent the automatic cuts if Trump signs the $1.5 trillion tax-cut package before 2018."
Hours after Congress passed the tax bill on Wednesday, Trump touted its benefits in a speech.
"Records all over the place, and that will continue and then some because of what we did. But $3.2 trillion — just think of it — in tax cuts for American families, including doubling the standard deduction and doubling the child tax credit," Trump said. "The typical family of four earning $75,000 will see an income tax cut of more than $2,000. They're going to have $2,000, and that's, in my opinion, going to be less than the average. You're going to have a lot more than that."
Proponents of the bill celebrate it as relief for the middle class that also provides a tax cut based spending stimulus for large corporations.
Critics have blasted the legislation as being a give-away to the rich.
"The rush to enact the tax bill was designed to mask — as a break for the middle class — what is in fact a $1.4 trillion package of benefits for key donors and lobbyists, the richest members of Congress, President Trump, his family and other families like his," writes Thomas Edsall in a New York Times opinion piece.
President Trump on Friday signed the GOP tax bill into law.
"This is the bill, right here, we're very proud of it," Trump told reporters.
Earlier, media outlets reported the signing might be delayed until January in the interest of avoiding $120 billion cuts to programs including Medicare, affordable housing subsidies, farmer price protections, and aid for victims of crime.
However, the New York Post noted, "Congress added language Thursday to prevent the automatic cuts if Trump signs the $1.5 trillion tax-cut package before 2018."
Hours after Congress passed the tax bill on Wednesday, Trump touted its benefits in a speech.
"Records all over the place, and that will continue and then some because of what we did. But $3.2 trillion — just think of it — in tax cuts for American families, including doubling the standard deduction and doubling the child tax credit," Trump said. "The typical family of four earning $75,000 will see an income tax cut of more than $2,000. They're going to have $2,000, and that's, in my opinion, going to be less than the average. You're going to have a lot more than that."
Proponents of the bill celebrate it as relief for the middle class that also provides a tax cut based spending stimulus for large corporations.
Critics have blasted the legislation as being a give-away to the rich.
"The rush to enact the tax bill was designed to mask — as a break for the middle class — what is in fact a $1.4 trillion package of benefits for key donors and lobbyists, the richest members of Congress, President Trump, his family and other families like his," writes Thomas Edsall in a New York Times opinion piece.