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President Trump signs $1.5tn tax overhaul into law

26 December 2017

President Donald Trump signed the Republican tax cut bill Friday morning before leaving for his Christmas break in Florida.

In the Oval Office, he said: "I was going to wait for a formal signing some time in early January - but then I watched the news this morning and they were all saying: 'Will he keep his promise?"

President Donald Trump says he's getting ready to sign into law a $1.5 trillion tax overhaul package. Trump is expected to give Congress a blueprint for an infrastructure bill and allow details, such as funding, to be negotiated in a bipartisan manner.

There was some discussion in Congress and at the White House that Trump should consider delaying the signing until early 2018 as a way to delay automatic spending cuts that could have been triggered by the tax cuts. We hope the changes will finally force serious discussions in the Legislature about municipal and school consolidation, further benefit reforms and finding a different mix of taxes - one in which there is less dependence on property taxes to fund government services.

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"The President has accomplished some absolutely historic things during this past year".

Mr. Trump directed those comments to friends dining nearby at the exclusive club - including to two friends at a table near the president's who described the remark to CBS News - as he began his final days of his first year in office in what has become known as the "Winter White House".

During the signing ceremony, Trump said, "Corporations are literally going wild over this". Speaker Paul Ryan, in unveiling the House plan in the fall, said the average reduction would be around $1,200. This weekend, the president arrived after signing the most consequential legislation, and arguably, the greatest achievement, of his presidency thus far. "They want to raise your taxes and spend money many cases".

He praised the press just hours after attacking the "fake mainstream media" on Twitter.

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Administration officials have said that Trump will unveil his infrastructure plan in early January. He added: "We are compiling a long handsome list". The tax credit for children also will double, which Republicans have said will benefit lower-income families.

But whether expanded economic growth and increased investment and hiring by businesses promised by the tax overhaul's supporters do indeed materialize and benefit average working Americans is a murky proposition at best.

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. Congress will also have to decide what to do about those affected by the president's decision to end the Deferred Action for Childhood Arrivals (DACA) program, which protects some young people who came to the USA illegally as children. Will also be signing a much needed 4 billion dollar missile defense bill. I could've started with infrastructure - I actually wanted to save the easy one for the one down the road.

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President Trump signs $1.5tn tax overhaul into law