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President Trump signs $1.5tn tax overhaul into law

President Trump signs $1.5tn tax overhaul into law

President Donald Trump signed a massive $1.5 trillion overhaul of the country's tax code into law Friday, putting a seal on his first major legislative victory.

"This is the capper", Trump said of the tax package, using his last moments of the year in the White House to sign the bill before flying to Florida for the holidays.

"Every one of the networks was saying, 'Will he keep his promise?'" the president said after delaying his trip to his Mar-a-Lago resort in Florida.

The president also signed a short-term government funding bill, which averts a government shutdown.

The GOP bill dramatically slashes the corporate tax rate to 21 percent from 35 percent and it will be permanent.

While not the biggest tax cut in history, White House staff argues that the tax cuts together with the tax reforms make it the most significant tax policy bill in the history of the United States. Trump and his family will receive large tax cuts.

Novak Djokovic and Stan Wawrinka win Australian Open first round matches
Garcia subdued Carina Witthoft 6-3, 7-5, while Pliskova had little trouble in dismantling Paraguayan Veronica Cepede6-4, 6-3. On the men's side, Sam Querrey was ousted after losing, 6-4, 7-6 (6), 4-6, 6-2, to the 80th-ranked Marton Fucsovics.

Trump continued to pitch the new law as a win a for the middle class, insisting that even though polling indicates the tax cut is unpopular, the results will win people over. Cutting corporate taxes will not bring those jobs back and will not lead to higher wages for American workers.

The left-leaning Democratic opposition unanimously opposed the 500-page legislation, calling it a "scam" and saying it mainly benefits the wealthy and will add at least 1 trillion dollars to the USA national debt. "We are very proud of it", Trump said.

President Donald Trump had not yet officially signed the Tax Cut and Jobs Act into law when it started paying both economic and political dividends. Traditionally, Democrats have advocated spending on transportation projects and other infrastructure, but it's unclear whether they will embrace Trump's approach or be eager to work with a president who has frequently attacked them.

WASHINGTON, D.C. (WBRE/WYOU-TV) Americans now have a new tax cut plan in place.

The GOP passed tax reform without a single vote from the Democrats.

The formal signing was initially planned for January, but Trump said he made a decision to move up the date after being displeased with media reports.

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