Congress passes historic tax cuts

WASHINGTON — President Donald Trump and jubilant fellow Republicans celebrated the passage of their $1.5 trillion tax reform Wednesday as a “historic victory for the American people.”

“We are making America great again,” Trump declared, personally thanking Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan, before lawmakers praised the president they have previously criticized.

“I don’t know if we’ll have bigger moments, but we hope to,” said Trump.

The president was expected to sign the bill at a later date for technical reasons.

The tax package provides a cut in the corporate rate, from 35 percent to 21 percent. On the individual side, about 80 percent of American households will get tax cuts next year, while about 5 percent will pay more, according to the nonpartisan Tax Policy Center.

People who who earn between $49,000 and $86,000 will get about

$900 in tax savings, the policy center said.

Andy Surabian, a senior aide for a pro-Trump super PAC, likened the president’s position to that of Ronald Reagan, who struggled through low approval ratings early in his presidential term after Congress passed a tax cut. Reagan went on to a sweeping re-election in 1984 after the economy improved.

Said Surabian: “Even if we don’t start seeing positive effects in 2018, the important thing here is President Trump sets himself up to win re-election in 2020.”

Only about 1 in 3 voters have supported the legislation in recent days, according to several polls. About half of Americans incorrectly believe the plan will hurt their personal finances.

Trump said in a tweet that “defeated Dems” and the media were out to “demean” the tax package but “the results will speak for them- selves, starting very soon.”

Democrats, unanimously opposed to the tax cuts, were furious about the reforms.

Asked if widespread tax relief will help Republicans hold the House, Minority Leader Nancy Pelosi leaned into a microphone and said, “Let them think that.”