Trump signs tax law
Trump rushes to sign tax bill into law Brags about benefit for pal
PRESIDENT TRUMP got to open his Christmas present early.
Trump signed the sweeping GOP tax overhaul bill, his first major legislative victory, during an abruptly arranged Oval Office ceremony Friday before jetting off to Florida for the holidays.
The President applauded absent Republicans and sang the praises of the $1.5 trillion bill, which provides permanent cuts for businesses and the wealthy and modest temporary cuts for the middle class.
He said he was moved to rush the signing after watching news reports about the legislation.
“I was going to wait for a formal signing sometime in early January, but then I watch the news this morning, and they were all saying, ‘Will he keep his promise? Will he sign it by Christmas?’ ” the President said.
“I call downstairs and said, ‘Get it ready, we have to sign it now.’ ”
Trump promised the law will be a boon for the middle class and again repeated the false claim that the bill is the largest tax cut in American history.
An analysis by the Committee for a Responsible Federal Budget found that Trump’s cut is only the eighth largest since 1918.
“We are very proud of it. It’s going to be a tremendous thing for the American people,” Trump said.
“It’s going to be fantastic for the economy.”
The law lowers the corporate tax rate to 21% from 35% and restructures tax brackets for individuals along with a host of other changes to the tax code that predominantly benefit the wealthy.
Despite temporary relief, the law levies an across-the-board increase in taxes for Americans earning less than $75,000 by 2027, according to an analysis by the Joint Committee on Taxation.
“I don’t think I’m going to have to travel too much to sell it” during the 2018 midterm elections, Trump said. “I think it’s selling itself.”
In a bizarre aside, Trump bragged about a phone call he received from friend and fellow billionaire Robert Kraft, the owner of the New England Patriots.
“(H)e said based on this tax bill he just wanted to let me know that he’s going to buy a big plant in the great state of North Carolina and he’s going to build a tremendous paper mill there or paper products plant,” Trump said.
The Kraft Group owns several major paper companies, including Rand-Whitney and International Forest Products.
The company issued its own statement later, saying that Kraft — who donated $1 million to Trump’ s inauguration — believes his personal taxes will increase, “a position that he supports.”
In reality, the tax cut will likely save Kraft and his companies big bucks.
The Kraft statement was roundly mocked on social media.
“Kraft is full of Krok. Like any of their taxes would go up. #Baloney,” Ira Levy tweeted.
“People like Robert Kraft and Warren Buffett supporting higher taxes make me laugh. If they truly believe it, the treasury gladly accepts extra payment on their tax returns. What a phony,” wrote Michael Gianfrocco.
And the Patriots owner is not the only tycoon who’ll make out like a bandit.
The President would personally save about $11 million on his taxes, according to an analysis The New York Times conducted by applying the law to Trump’s 2005 return.
Trump has refused to make any of his current tax returns public.
Without citing any evidence, he has claimed in recent weeks that the bill will “cost him a fortune.”
After the signing, Trump offered pens to members of media, singling out “the boomholders and the cameramen.”
Traditionally, the pens are given to lawmakers who worked on the legislation, but the hastily scheduled signing left Trump alone.
Trump, after calling for bipartisanship earlier in the day, said he believes Democrats regret not backing the bill.
“The Democrats very much regret it, they wanted to be a part of it, just doesn't work out,” he said.
Trump arrived in Palm Beach, Fla., Friday afternoon, where he was greeted by a large crowd at the airport.
He signed autographs and posed for pictures on the tarmac after exiting Air Force One — even holding up one fan’s sign reading, “Keep on Tweeting.”