Trump basks in ‘fun’ of tax bill’s passage
WASHINGTON – President Trump enthusiastically declared victory Wednesday after Republicans in Congress passed a massive tax bill that will affect almost every American household, handing him the first major legislative achievement of his 11-month-old presidency.
“It’s always a lot of fun when you win,” Trump told Republican lawmakers at a pep rally-like event on the South Lawn of the White House. “We broke every record,” he said, referring to the size of the tax cuts Trump is calling a “Christmas present.”
Trump had been pushing Republicans hard to pass the tax bill before the end of the year. Having failed to repeal and replace President Obama’s health care law, Trump invited Republicans to the White House to trumpet the victory.
After the tax overhaul passed along party lines in both chambers of Congress, Trump said “companies are going to be coming back” to the U.S.
According to the non-partisan Tax Policy Center, the largest cuts as a share of income will go to taxpayers in the
95th to 99th percentiles of all earners. In
2018, taxes would be reduced by about
$1,600 on average, while the plan is pro- jected to add more than $1 trillion to the national debt over the next decade.
While Trump says the tax cuts will spur investment, not a single congressional Democrat voted for them, a break from previous U.S. tax packages.
There is skepticism among Democrats that U.S. corporations will reinvest the money instead of using it to buy back shares to drive up stock prices. Democrats also are pointing to promises by Republicans to proceed with major cuts to U.S. safety net programs in the new year.
Democrats also have warned that the loss of deductions will raise taxes for people in some high-tax states including New York and California that vote overwhelmingly Democratic.
The White House celebration came one day after parents from across the country came to Congress to plead for renewal of the Children’s Health Insurance Program, which insures nearly 9 million poor children, as more states are running out of money. For nearly two decades, the program has had bipartisan support.