Trump signs Republicans' sweeping tax cuts bill into law
US President Donald Trump has signed the Republican Party's sweeping tax cut bill into law, delivering upon one of his signature campaign promises. The development comes days after the Republican-controlled Congress passed the tax bill which marked Trump's first legislative victory. The bill provides major tax cuts to corporations and gives some temporary tax relief to other businesses and most individuals.
What the tax bill entails?
The bill will permanently cut the tax rate for large corporations from 35% to 21%. It greatly reduces taxes paid by the wealthiest Americans while those coming under lower income brackets would experience smaller reductions. The tax plan also lowers inheritance tax and expands child tax credits. The plan would add $1.4 trillion to the US' current $20 trillion national debt.
Trump 'greatly honored' to sign America's largest tax cuts reform
Trump says bill will benefit middle class, boost jobs
"All of this, everything in here, is really tremendous things for business, for people, for the middle class, for workers," Trump said while signing the bill. "I consider this very much a bill for the middle class and a bill for jobs," he added. Trump said Americans will come around to accepting the bill's benefits amid reports that it doesn't have wider public support.
