Trump signs historic tax overhaul
WASHINGTON — President Donald Trump signed the $1.5 trillion tax overhaul into law Friday, using his last moments in the White House before flying home for the holidays to celebrate his latest political win.
He also signed a temporary spending bill to keep the government running and provide money to upgrade the nation’s missile defenses. The tax cut, which fulfilled a long-held Republican goal, was at the forefront of Trump’s mind.
Starting next year, the new law will give big tax cuts to most working Americans. Trump said, “the numbers will speak” for themselves.
“I don’t think we are going to have to do much selling,” Trump told reporters
in the Oval Office.
The tax law is the largest since 1986. Passage of the tax bill marked a significant victory for the president. Trump ended the year with his sights still trained on the way the media treat him, tweeting that the mainstream media “NEVER talk about our accomplishments in the end of year reviews.”
“We are compiling a long beautiful list,” he tweeted.
Trump said that he originally planned to sign the tax bill early next year but moved it up on the spur of the moment after watching media coverage Friday morning about the legislation.
Despite united opposition to the tax cuts from Democrats, Trump still says he is willing to work with them on legislation next year. He tweeted a pitch for bipartisanship: “At some point, and for the good of the country, I predict we will start working with the Democrats in a bipartisan fashion. Infrastructure would be a perfect place to start. ... It is time to start rebuilding our country!”
Starting next year, families making between $50,000 and $75,000 will get average tax cuts of $890, according to an analysis by the nonpartisan Tax Policy Center. Families making between $100,000 and $200,000 would get average tax cuts of $2,260.