President Trump Signs Tax Bill into Law: Merry Christmas!

Ben Kennedy : Dec 22, 2017
CBN News

"I am keeping my promise and I am signing it before Christmas.” – President Donald J. Trump

(Washington, DC) — [CBN News] President Donald Trump signed a $1.5 trillion tax overhaul into law Friday. (Photo Credit: President Donald Trump/ CBN News)

"I am keeping my promise and I am signing it before Christmas," said President Trump.

The bill passed the House on Thursday with a 231-188 vote and in the Senate with a 66-32 vote.

"Democrats don't like tax cuts," Trump charged. "They want to raise your taxes. They don't want to lower your taxes."

House Speaker Paul Ryan tweeted Friday:

BREAKING NEWS → The biggest #TaxReform in a generation is now the law of the land. As promised, real tax relief is on the way for the American people. Merry Christmas! pic.twitter.com/lBGFLYU3rY — Paul Ryan (@SpeakerRyan) December 22, 2017

Initially, the president said he was going to wait until the first of the year to sign the measure but changed his mind.

Republicans are calling this a moment decades in the making – passing the largest tax overhaul since the Reagan administration.

The new tax plan slashes the corporate tax rate from 35 percent to 21 percent. It also doubles the standard deduction to $12,000 for single filers and $24,000 for married couples.

And for many, it simplifies the tax filing process down to a postcard.