Trump signs sweeping tax bill into law

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Washington D.C. (U.S.A), Dec 23 (ANI): "United States President Donald Trump has signed the Republicans" massive Dollars 1.5 trillion tax overhaul into law, before leaving for his Mar-a-Lago estate in Florida for the winter holidays.

Trump said he was going to wait until January to sign the bill in a larger, more ceremonial setting until he saw television news coverage Friday morning speculating about whether he'd sign it before Christmas. And he called downstairs and said get it ready, we have to sign it now.

In order to meet budget reconciliation rules to pass bill without Democratic votes, Republicans made individual tax cuts temporary in their bill.

It's true that changes in the new law that would cut taxes - for individual, business and global taxes - comes to about $5.5 trillion, according to the Joint Committee on Taxation.

The tax bill's passage marked a significant victory for a president hungry for one after chaos and legislative failures during his first year in office - including an effort to repeal the healthcare law - despite Republican control of Congress. This is a phenomenon that nobody even thought of, and now it is the rage.

News that companies, albeit a small number so far, are passing on benefits of the looming tax changes may help ease jitters among senior Republicans that they risked sparking a political backlash. We can't say exactly how much of that goes to families, since some business owners - such as partners in limited liability corporations - pay taxes through personal income taxes.

Trump tweeted the same on Friday in advance of signing the tax bill. CBS News had a tax professional assess the taxes of three families, and found they would all go down under the new law.

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However, once Congress reached a deal this week to avoid the possibility of the spending cuts, White House officials signaled that Trump wanted to sign the bill into law as soon as possible. By April 2019, millions more will be celebrating when they realize that they'll not only owe less money, but will spend fewer hours filling out tax forms - because they no longer have to itemize deductions.

But critics point out that some aspects of the GOP tax overhaul - such as the doubling of the cap for the estate tax break and lowering of corporate and S-corporation taxes - disproportionately benefit the most affluent Americans.

Earlier in the morning, the president suggested that he would not get credit for what he said were extraordinary accomplishments for a first year. The new law reduces five of the seven tax rates, including cutting the top rate from 39.6 to 37 percent.

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 law also eliminates the Patient Protection and Affordable Care Act's mandate that most people have health insurance or pay a penalty.

Trump said Friday that his next priorities will include an infrastructure bill aimed at spurring investment in the nation's ailing roads, bridges, airports and waterways.