President Trump signs $1.5tn tax overhaul into law

26 December, 2017, 06:10 | Author: Chad Mckenzie
  • Trump Meets With GOP House Leaders And Ways And Means Cmte Members

The nation can afford huge tax cuts for corporations and the wealthy, apparently, but not for social safety net programs that benefit the overwhelming majority of Americans.

A fresh estimate by the Tax Policy Center says the average savings for the middle quintile of taxpayers will be $900 a year and less for those in the bottom two quintiles.

During the signing ceremony, Trump said, "Corporations are literally going wild over this".

"I called downstairs, I said, 'Get it ready, we have to sign it now, ' " he said.

Trump and Republicans from the Senate and House celebrated the tax bill at the White House on Wednesday, where GOP leaders praised the President.

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"We have them, many of you have worked very hard, many of you have worked very, very fairly, and we really appreciate that", he said.

"While that's true in the first year, the tax cut diminishes over time and ultimately disappears altogether in 2025, when Republicans sunset nearly all the individual tax relief provisions", explained Vox's Tara Golshan. "They want to raise your taxes and spend money foolishly.in many cases".

It was initially thought that Mr Trump would wait until the new year before signing the package into law, but instead, he decided to make it one of his final items of business before jetting off to his Florida estate for Christmas. It was there, according to CBS, that the President admitted something most Americans already suspect - that better-off will get most from the Republican tax package.

Trump often reacts to television news, and Friday was no different.

Administration officials have said that Trump will unveil his infrastructure plan in early January. But $3.2 trillion - just think of it - in tax cuts for American families, including doubling the standard deduction and doubling the child tax credit.

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But whether expanded economic growth and increased investment and hiring by businesses promised by the tax overhaul's supporters do indeed materialize and benefit average working Americans is a murky proposition at best. In fact, his heirs are also going to benefit from the new tax bill.

Under the new tax law, individual rates will be lowered, but those cuts are set to expire in 2025.

The law also eliminates the Patient Protection and Affordable Care Act's mandate that most people have health insurance or pay a penalty. The law is not repealed, but the mandate had been considered an important feature of it. But most economists believe the tax plan will push economic growth up by only a few tenths of a percentage point.

The tax changes will reduce federal revenue by more than $1 trillion over the next decade, even after accounting for their beneficial effects on the USA economy, according to the nonpartisan Joint Committee on Taxation, Congress' tax scorekeeper. That provision will increase revenue to the government by a little more than $1.2 trillion over 10 years. The Joint Committee on Taxation says it would cut taxes by almost $1.5 trillion over 10 years.

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