Trump: Passage of GOP tax bill means ‘jobs, jobs, jobs’

Approval kicks off intense period of uncertainty for consumers and businesses

WASHINGTON — Congress on Wednesday passed the most significant overhaul of the U.S. tax code in 30 years, delivering a landmark legislative victory to President Donald Trump and the Republicans that had once seemed impossible for the fractured party.

The sweeping measure imprints a clear conservative vision on the tax code that will affect nearly every household and business. Corporations will see a massive tax cut, while most Americans will see temporary savings of various sizes.

The passage kicks off an intense period of uncertainty for consumers and businesses as both scramble to understand the changes and take advantage of the end of the calendar year to minimize tax bills. Some local governments said they were flooded with calls from homeowners seeking to pay their 2018 property taxes this year to avoid a cap on real estate tax deductions that will begin next year.

The legislation also will play a huge role in the coming campaigns for the 2018 midterm elections.

At the White House on Wednesday, Republicans were united in ways they haven’t been at any point during the Trump presidency, rebounding from internal divisions that plagued them when they sought to overhaul the nation’s health care laws.

“We’re going to see something that’s going to be very special. We’re bringing the entrepreneur back into this country,” Trump said at the White House, flanked by dozens of Republicans. “We’re getting rid of all the knots and all the ties, and ultimately what does it mean? It means jobs, jobs, jobs.”

After a monthslong effort that stalled several times, the final votes Wednesday and Tuesday night proceeded smoothly.

Republicans were handed instant selling points Wednesday when AT&T and Comcast announced new $1,000 bonuses to a combined 300,000 employees. And Fifth Third Bancorp, a large Cincinnati lender, announced it would raise its minimum hourly wage to $15 an hour and give a one-time bonus of $1,000 to 13,500 employees because of the tax changes. “This bill means more takehome pay,” Trump said. “It will be an incredible Christmas gift for hardworking Americans.”

Senior White House officials said Trump will likely wait until January to sign the tax bill into law to avoid immediately triggering a 2010 law known as “PAYGO,” or “pay-as-you-go.” The budget law requires spending cuts to Medicare and other programs if legislation is approved that’s projected to add to the deficit.

If Trump were to sign the tax bill into law before Congress adjourns in December, lawmakers could be forced to vote on the PAYGO waiver measure as soon as next month to prevent immediate spending cuts.

Signing the tax bill into law in January would likely defer such a spending cut until 2019.