Trump signs biggest tax overhaul into law

Trump signs biggest tax overhaul into law

Donald Trump has signed a $1.5tn (£1.1tn) tax cut programme into law.

The new Republican tax reform - much maligned by Democrats and inside-the-Beltway media types - began winning new friends even before President Trump signed the landmark legislation. Will he sign it by Christmas?' " Trump said.

"I watched the news this morning and they were all saying, 'Will he keep his promise?"

Hours after signing a sweeping tax bill that independent analysts say will most benefit corporations and wealthy Americans, Donald Trump reportedly told friends at his private Florida club: "You all just got a lot richer".

Before signing the legislation, Trump said in a Twitter post that companies were celebrating the bill's passage with bonuses for workers. The president has said the tax bill is "not good" for him personally, although that statement is hard to assess when he has declined to release his tax returns. "They want to raise your taxes and spend money foolishly.in many cases".

Such announcements deliver an early Christmas present to the President as he looks to bolster his approval ratings among voters and accelerate growth in the economy through higher spending at the same time. He said he ordered up the last-minute Oval Office event because news coverage questioned whether he would sign the bill into law by Christmas.




"This is a phenomenon that nobody even thought of, and now it is the rage". We hope the changes will finally force serious discussions in the Legislature about municipal and school consolidation, further benefit reforms and finding a different mix of taxes - one in which there is less dependence on property taxes to fund government services. It actually totals about $1.5 trillion in tax cuts for all taxpayers, including corporations.

AT&T, for example, could do with some goodwill from the President as he remains a critic of the telecom giant's proposed $85bn merger with Time Warner. In contrast, Tax Policy Center found almost half of all American taxpayers, 53 percent, will be paying more under the Republican bill than they are now by 2027. The White House did not immediately respond to enquiries. The new law reduces five of the seven tax rates, including cutting the top rate from 39.6 to 37 percent. But when all of the provisions are considered - including those that would raise tax revenue - the government's nonpartisan Joint Committee on Taxation estimates the tax law will result in $1.456 trillion less paid in individual, business and global taxes to the US government over the next 10 years.

According to the Joint Committee on Taxation, changes to the tax code would, on net, result in a little more than $1.1 trillion less being paid in individual taxes over the next 10 years.

That runs counter to arguments advanced by the Trump administration and congressional Republicans that the tax package would stimulate enough economic growth to pay for itself.

The bottom line: nearly $1.1 trillion in deficits over the 10-year period.

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