Trump signs biggest tax overhaul into law

Trump signs biggest tax overhaul into law

Trump signs biggest tax overhaul into law

Donald Trump has signed a contentious tax bill into law, the final step in the administration's push to undertake the largest overhaul of the U.S. tax system in over three decades.

The president said Friday that he originally planned to sign the bill early next year, but moved it up on the spur of the moment after watching morning media coverage of the legislation.

During the signing ceremony Mr Trump claimed the measure would help everyone.

Overall, the tax plan will reduce taxes for most people in the first eight years. This is a phenomenon that nobody even thought of, and now it is the rage.

That inconvenient fact could come back to hurt Republicans in 2018, with multiple polls indicating voters are aware of the disparity in benefit from the Republican tax bill.

Trump's comments to his friends also contradict what the White House suggests: the middle class would benefit from the tax cut.

Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that "the numbers will speak". We can't say exactly how much of that goes to families, since some business owners - such as partners in limited liability corporations - pay taxes through personal income taxes.

The president said he was going to wait to sign it until after January 1 but changed his mind. In contrast, Tax Policy Center found almost half of all American taxpayers, 53 percent, will be paying more under the Republican bill than they are now by 2027.

Dutch reporter catches Hoekstra peddling 'fake news'
Zwart's report on NOS' Nieuwsuur program then plays the specific portion of Ambassador Hoekstra's 2015 comments. The ambassador was born in Groningen but his family emigrated to the USA when he was three.

But critics point out that some aspects of the GOP tax overhaul - such as the doubling of the cap for the estate tax break and lowering of corporate and S-corporation taxes - disproportionately benefit the most affluent Americans.

It is fair to say that the tax plan would cut taxes.

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.

"Every one of the networks was saying, 'Will he keep his promise?'" the president said, referring to his earlier vow that the bill would be on his desk before Christmas.

President Donald Trump's "America First" foreign policy has advanced the country's interests in the world, the White House said today, while listing out his efforts to enhance relationship with partner countries, including India. In that same year, 80 percent of the bill's benefits would be going to the top 1 percent of taxpayers.

It also ends fines for people who don't carry health insurance.

The tax bill, approved earlier this week in Congress in largely party-line votes, slashes corporate tax rates from 35% to 21% and also includes a host of other provisions for individuals, all meant to boost the economy. A survey of executives last month by the Atlanta Federal Reserve Bank found that only 8 percent said the bill would make them increase hiring plans "significantly" and only 11 percent said they would significantly increase their capital investment plans.

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