Foes of tax reform quickly get a heaping helping of crow

26 December, 2017, 03:58 | Author: Roderick Gutierrez
  • Trump: Democrats and Republicans will eventually 'develop a great new healthcare plan'

President Donald Trump signed the Republican tax cut bill Friday morning before leaving for his Christmas break in Florida. "So we'll be having that done pretty quickly", Mr. Trump said at the White House when he signed the tax overhaul.

According to CBS News, the president started his Christmas weekend off Friday night by letting his dinner guests know that they would be benefitting from the tax cuts that he just signed into law.

The president has said the tax bill is "not good" for him personally, although that statement is hard to assess when he has declined to release his tax returns.

Mr. Trump directed those comments to friends dining nearby at the exclusive club - including to two friends at a table near the president's who described the remark to CBS News - as he began his final days of his first year in office in what has become known as the "Winter White House".

It's true that changes in the new law that would cut taxes - for individual, business and worldwide taxes - comes to about $5.5 trillion, according to the Joint Committee on Taxation. This is a phenomenon that nobody even thought of, and now it is the rage.

The president also privately signed a short-term spending bill to fund government operations through January 19. Passed with only Republican votes, it will affect almost every household and business in the country. Speaker Paul Ryan, in unveiling the House plan in the fall, said the average reduction would be around $1,200.

"But what the Republicans did is made the tax breaks for corporations permanent, the tax breaks for the middle class temporary", Sanders said.

However, once Congress reached a deal this week to avoid the possibility of the spending cuts, White House officials signaled that Trump wanted to sign the bill into law as soon as possible.

It said the president conducted a historic 12-day tour to Asia, which included visits to five countries and attending three regional summits, to promote America's interests. Politically, it marks the Republicans' first major legislative accomplishment of Trump's presidency. Barring further Congressional action, most new individual tax cuts will expire in 2025. In that same year, 80 percent of the bill's benefits would be going to the top 1 percent of taxpayers.

While the plan does provide across-the-board tax cuts for all income levels, the wealthiest Americans will by far receive a disproportionate share of the proceeds.

The most far-reaching rewrite of the nation's tax laws since 1986, the $1.5 trillion tax plan permanently lowers the corporate tax rate from 35 percent to 21 percent, imposes a low one-time tax on companies' overseas earnings, provides a windfall to people who pay the personal tax on business earnings, narrows and eventually ends the estate tax and cuts individual tax rates. Will also be signing a much needed 4 billion dollar missile defense bill.

Trump said Friday that his next priorities will include an infrastructure bill aimed at spurring investment in the nation's ailing roads, bridges, airports and waterways.


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