President Trump on Friday signed the Tax Cuts and Jobs Act in the Oval Office, signaling a promise kept to the America people.
Trump said he wanted to sign the $1.4 trillion tax cut at a signing ceremony in January but decided to do it quickly in order to keep his promise to the American people of signing the legislation before Christmas.
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Trump touted the tax bill as the most massive tax cut in the history of the United States, praised the bill's ability to lower taxes for middle-class Americans, and explained how it will bring back jobs to the United States.
"This is going to mean companies are going to be coming back," he said. "And I campaigned on the fact that we're not going to lose our companies anymore. They're going to stay in our country."
"They have tremendous enthusiasm right now in this country," he said. "And that means jobs, and it means really, the formation of new young, beautiful strong, companies."
"AT&T plans to increase U.S. capital spending $1 billion and provide $1,000 special bonus to more than 200,000 U.S. employees, and that's because of what we did," Trump said shortly after Congress passed the bill. "So that's pretty good."
The Tax Cuts and Jobs Act keeps the number of individual tax brackets at seven but reduces the rates to 10, 12, 22, 24, 32, 35, and 37 percent, increases the Child Tax Credit from $1,000 to $2,000 for singles and married couples, and roughly doubles the standard deduction.
On the corporate side, the bill reduces the corporate tax rate from 35 to 21 percent and also eliminates the Affordable Care Act's individual mandate, which requires individuals to purchase health insurance or pay a penalty to the IRS.
Speaker of the House Paul Ryan (R., Wis.) said a family of four earning an income of roughly $73,000 can expect to receive a tax cut of about $2,059 under the new plan.
"The biggest tax reform in a generation is now the law of the land," Ryan said. "As promised, the American people will begin the new year with a new tax code."
"At a time when many Americans still living paycheck-to-paycheck, tax reform means more jobs, fairer taxes, and bigger paychecks," he said. "Already, workers are reaping the benefits of reform as companies take steps to reward their employees and expand their businesses."
"Soon, workers will begin to see bigger paychecks as new withholding tables take effect," he said. "Typical families of four can expect a tax cut of $2,059 next year as rates are lowered across the board. That is what this is all about: helping people earn more and keep more of what they earn."
Republican National Committee Chairwoman Ronna McDaniel said that President Trump and Republicans in Congress have given Americans an historic gift for Christmas: the biggest tax cut for the working class in a generation.
"Thanks to congressional Republicans and President Trump for keeping their promise to the American people by passing historic tax relief, easing the tax burden, and letting Americans keep more of their hard earned money," she said. "All of this without any support from Democrats. Meanwhile, Americans have already begun to see the benefits of the tax legislation with announcements this week from major U.S. companies publicizing tax savings to their workers. Democrats will be held accountable next November when their constituents realize they voted against more money in their paychecks."