Trump signs GOP tax overhaul into law
President Trump signed the GOP's $1.5 trillion tax plan on Friday morning, fulfilling the party's promise of cementing the legislation as law before Christmas. The tax overhaul is one of the most significant wins this year for Trump, "who has struggled during his first year in office to pass major bills that would deliver on campaign promises, even with Republicans having the majority in both chambers of Congress," The New York Times writes.
Although there had been rumors that Trump might not actually ink the measure until Jan. 3, so as to avoid triggering cuts to entitlement programs that could jeopardize negotiations to avert a government shutdown, the House and Senate both voted on Thursday to approve a spending package that would fund the government until Jan. 19. The sweeping tax law — which slashes the corporate tax rate to 21 percent from 35 percent and lowers the top rate for the richest Americans — did not earn a single Democratic vote in either chamber.
"Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of 'love' — that is big companies and corporations showering their workers with bonuses," Trump tweeted just prior to the signing. "This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!"
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