U.S. President Donald Trump capped the biggest legislative accomplishment of his first year in office Friday, signing a $1.5 trillion tax overhaul into law minutes before departing Washington for holidays in Florida.
Clearly in a celebratory mood after the best week of his presidency, Trump said he wanted to fulfill a pledge to sign the “biggest tax cuts and reform in our country” by Christmas.
“I didn’t want you folks to say I wasn’t keeping my promise. I’m keeping my promise,” he told reporters who witnessed the Oval Office signing ceremony.
In a tweet a short time later, Trump responded to criticisms from Congressional Democrats that the bill would be a big boon for the wealthiest Americans but would do little for average families.
“95% of Americans will pay less or, at worst, the same amount of taxes (mostly far less). The Dems only want to raise your taxes!” he tweeted.
The president also signed a short-term funding bill that will keep the government functioning through the holidays and into the New Year. The 30-day spending measure puts off the possibility of a government shutdown until late January.
The tax package, the most significant revenue bill since the 1980s, makes a permanent cut to the corporate rate from 35 percent to 21 percent and reduces the tax burden for most individuals for several years.
The president told reporters that corporations are “literally going wild” over the new tax rates, which he said he hopes will spur sufficient economic growth to cover the loss in tax revenues.
“Everything in here is really tremendous things for businesses, for people, for the middle class, for workers. And I consider this very much a bill for the middle class and a bill for jobs. And jobs are produced through companies and corporations and you see that happening,” he said.