Trump Signs Sweeping Tax Overhaul Into Law - BSYnews.com

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Saturday, December 23, 2017

Trump Signs Sweeping Tax Overhaul Into Law

President Donald Trump signs the tax overhaul plan in the Oval Office of the White House on Friday morning.
President Donald Trump signs the tax overhaul plan in the Oval Office of the White House on Friday morning. PHOTO: JONATHAN ERNST/REUTERS

WASHINGTON—President Donald Trump signed a sweeping tax overhaul bill into law in the Oval Office on Friday morning, as well as a spending bill to keep the government open through mid-January.
Congress this week passed a tax bill that represents the most far-reaching overhaul of the U.S. tax system in decades, reducing the corporate tax rate to its lowest point since 1939 and cutting individual taxes for most households next year.
“This is the bill right here, we’re very proud of it... I consider this very much a bill for the middle class, and for jobs. Corporations are literally going wild for his,” Mr. Trump added. He held up a page of the bill to show off his signature.
The White House on Wednesday had staged a larger event to mark the passage of the tax bill on the South Portico, where Republican lawmakers and the president congratulated each other on their victory.
On Friday, Mr. Trump was watched by a small group of reporters and photographers, to whom he offered commemorative pens to mark the occasion. He had been initially scheduled to leave for his Florida vacation at 10 a.m., but that was pushed back to 11 a.m. to make time for the bill signings.

“I was going to wait for a formal signing in early January,” Mr. Trump said. But he had seen television network coverage Friday morning suggesting he might not keep his promise of signing the tax bill before Christmas.
As a result, “I called downstairs and said ‘get it ready,’ ” he said. “We did a rush job today... it’s not fancy, but it’s the Oval Office.”
Mr. Trump also signed the spending bill that cleared the House and Senate Thursday night. In his tweet announcing the bill signing he said he would “also be signing a much needed 4 billion dollar missile defense bill,” which appears to be a reference to an item included in that spending bill. He made similar remarks as he signed it, focusing primarily on the continuing resolution’s defense portions.
The spending bill included $4.7 billion in emergency funding requested by the administration for missile defense, including $700 million to repair two damaged antimissile-capable U.S. Navy warships. The funds are intended to help pay for the repairs of the USS John S. McCain and USS Fitzgerald, two ships that were damaged in collisions this year.
That spending bill extends government funding into mid-January and averts a shutdown this weekend.
In other remarks, Mr. Trump said he believed Democrats “already” regret not backing his tax bill and that he has made great strides in his relationship with lawmakers this year. “I can call anyone now,” he said.
He said he was confident in his ability to secure bipartisan support for infrastructure legislation in the new year, calling that issue “the easiest.”
Republicans “capped the year by passing a tax bill that provides huge tax breaks for the rich and the biggest corporations, while providing crumbs, and even tax hikes for the middle class,” Senate Minority Leader Chuck Schumer (D., N.Y.) told reporters Thursday.
Soon after the signing, Mr. Trump left the White House for Florida, where he will be spending the Christmas holiday.

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