Trump Signs $1.5 Trillion Tax Overhaul Into Law

Friday, December 22nd 2017, 11:10 am
By: News 9

President Trump signed the sweeping $1.5 trillion tax cut bill minutes before he departed the White House for Mar-a-Lago Friday morning.

Mr. Trump told reporters in the Oval Office that he had seen on the news the questions about whether he would wait until Jan. 7 or Jan 8 to sign the bill. He said he "immediately" called and said to get it ready. He praised the measure for lowering corporate tax rates, which he said would mean more things would be made in the U.S. And he also singled out the one-year expensing in the bill. 

Mr. Trump also signed the continuing resolution to fund government spending into the new year. He also signed off on $4 billion for missile defense spending, as well as a missile defense letter to GOP congressional leaders House Speaker Paul Ryan, R-Wisconsin, and Senate Majority Leader Mitch McConnell.

He tweeted earlier Friday morning that he would be signing the bill. The timing of his signing had been uncertain until Congress passed a short-term spending bill that suspended the "pay-go" rule, which demands that measures like the tax cut legislation be paid for with automatic spending cuts to offset the cost. The $1.5 trillion tax measure would have required an average $150 billion in cuts over the next decade if the pay-go rule had not been waived.

"Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office," Mr. Trump tweeted. "Will also be signing a much needed 4 billion dollar missile defense bill."

CBS News chief White House correspondent Major Garrett reported that the signing would be private, but at the last minute, the White House allowed pool reporters into the Oval Office to cover the signing. The White House plans an event to celebrate the signing in the new year, on Jan. 3.

Earlier this week, Congress passed the tax bill, which permanently slashes corporate tax rates, and also cuts individual tax rates. Most Americans will get a tax cut, but not all. How households will fare varies widely. Families earning the same dollar amounts can pay vastly different income tax rates, depending on the particulars of their family and where their income comes from. 

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