Trump Signs $1.5 Trillion Tax Cut

President Donald Trump signs the Republican tax cut bill Friday, December 22, 2017.

President Trump on Friday signed the Republican lead $1.5 trillion tax overhaul into law, right before heading off to Florida for the holidays. Signing the Republican tax bill to little fanfare, he delivered on his campaign promise  to cut corporate taxes. The tax bill gives modest tax cuts to individuals making $200,000 or less, with he upper end getting about $2300 on average, while those making over a million a year will receive a $70,000 tax cut on average. after the signing the president reflected on the bill saying, “I consider this very much a bill for the middle class and a bill for jobs. Corporations are literally going wild over this. I think even beyond my expectations.” The bill slashes the corporate tax rate to 21 percent from 35 percent. Trump highlighted corporate responses to the new law. AT&T said Wednesday that it would give a special $1,000 bonus to 200,000 U.S. workers to celebrate the tax cut. Boeing Co. separately pledged $300 million for employee training, improved workplace infrastructure and corporate giving, crediting the new tax law. Trump also signed the spending bill that cleared the House and Senate late Thursday to keep the government running through Jan. 19.

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