By Jackson Richman
President Donald Trump signed the Republican tax reform bill on Friday, delivering the first major legislative victory of his presidency.
The first major update to the tax code in just over three decades, it includes a permanent 21 percent corporate tax rate, reduced income tax brackets that expire in 2026 due to budget reconciliation rules, a doubling of the standard deduction of both individuals and married couples, an elimination and cap of most deductions, a repeal of the Obamacare individual mandate, and more.
On Twitter, Trump posted, “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!”
Earlier, the president tweeted, “Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of “love” – that is big companies and corporations showering their workers with bonuses.”
He added, “This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!”
On Wednesday, Trump and Republican congressional leaders celebrated the major legislative win after the House passed the final version of the bill.
“We broke every record … It’s the largest tax cut in the history of our country,” Trump said during a speech on the South Lawn of the White House.
The president also signed a short-term spending bill through January 19.
Trump will head to his Mar-a-Lago estate for Christmas.