Trump signs tax bill

Kristopher Drake
December 26, 2017

AT&T announced that, thanks to the new tax laws, it would increase investment in its US operations by $1 billion - and rolled out thousand-dollar bonuses to 200,000 of its employees.

Despite the nonpartisan Tax Policy Center finding that only about 5 percent of taxpayers would see an immediate increase in their taxes, 37 percent of those polled believed the bill would raise taxes on the middle-class. 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.

"This has been a year of extraordinary accomplishment for the Trump administration", Senate Majority Leader Mitch McConnell said.

On Twitter, he wrote that the mainstream media "NEVER talk about our accomplishments in the end of year reviews".

Under the legislation, income tax rates will be reduced across all seven individual tax brackets.

The standard deduction, however, will nearly double.

Republicans in Washington, including Rep. Tom MacArthur, the only member of New Jersey's congressional delegation to support the tax bill, insist the bill is misunderstood and mischaracterized by the press.

The new law has been criticized by lawmakers representing states with high taxes, because the bill caps state and local tax deductions at $10,000.

"President Trump boosted cooperation with the Quad countries - Japan, India, and Australia - on the sidelines of ASEAN summit in Manila".

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.

Still, 8.8 million Americans signed up for coverage, according to figures his administration announced Thursday. He counts tax changes that cut taxes and ignores those that will increase taxes. The Tax Policy Center analyzed the tax bill and concluded that most taxpayers at all income levels would get a tax cut in the years 2018 through 2025.

It's impossible to predict if the tax reductions and simplification will help the GOP in next year's midterm elections. As a result, the cuts, which total about $1.456 trillion, would generate $451 billion in growth, the committee's analysis showed.

Also Friday, Trump signed a stopgap spending bill to avoid a government shutdown.

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. "That's probably the biggest factor in our plan", he said. "People want it, Republicans and Democrats". I could've started with infrastructure - I actually wanted to save the easy one for the one down the road.

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