STREAMING NOW: Watch Now

President Trump signs tax reform, temporary spending into law

Biggest change to U.S. tax code in over 30 years.

Posted: Dec 22, 2017 11:54 AM

WASHINGTON (AP) — President Donald Trump signed the $1.5 trillion tax overhaul into law Friday, using his last moments in the White House before flying to Florida for the holidays to celebrate a much-needed political win.


He also signed a temporary spending bill to keep the government running and provide money to upgrade the nation’s missile defenses. The tax cut, which fulfilled a long-held Republican goal, was at the forefront of Trump’s mind.

Starting next year, the new law will give big cuts to corporation and wealthy Americans and more modest reductions to other families. Trump continued to pitch it as a win a for the middle class, insisting that even though polling indicates the tax cut is unpopular, “the numbers will speak” for themselves.

“I don’t think we are going to have to do much selling,” Trump told reporters in the Oval Office.

The tax law is the largest since 1986, but far from the biggest in American history, as the president repeatedly claims. It also is projected to add to the nation’s debt, something that was anathema to Republicans for years.

Passage of the tax bill marked a significant victory for a president hungry for one after chaos and legislative failures during his first year in office — including an effort to repeal former President Barack Obama’s health care law — despite Republican control of Congress. Trump also ended the year with his sights still trained on the way the media treat him, tweeting that the mainstream media “NEVER talk about our accomplishments in the end of year reviews.”

“We are compiling a long @ beautiful list,” he tweeted.

Trump said that he originally planned to sign the tax bill early next year but moved it up on the spur of the moment after watching media coverage Friday morning about the legislation. After finishing the bill signings, he was off to Mar-a-Lago in Florida, his plane leaving Joint Base Andrews in Maryland just before noon EST.

The first major overhaul of the nation’s tax laws since 1986 could add $1.5 trillion to the national debt over the next decade, according to the Congressional Budget Office. Republican leaders have said they’re willing to take that step in pursuit of a boost to the economy. But some in the GOP worry their party could face a political backlash without an aggressive public relations tour.

Trump, meanwhile, continued to send mixed messages about his desire to work across the aisle. In the Oval Office, he contended anew that Democrats “don’t like tax cuts, they want to raise your taxes.”

But that came just hours after he tweeted a pitch for bipartisanship: “At some point, and for the good of the country, I predict we will start working with the Democrats in a bipartisan fashion. Infrastructure would be a perfect place to start. ... It is time to start rebuilding our country!”

Some White House aides and Republican leaders are looking warily ahead at the midterm election year, when typically a president’s party loses seats in Congress. That’s all the more true for presidents whose approval ratings dip below 50 percent, and Trump’s have never been that high.

Additionally, the new tax law that they see as the GOP’s top talking point is unpopular. Only about 1 in 3 voters have supported the legislation in recent days, according to several polls. About half of Americans believe the plan will hurt their personal finances. And 2 in 3 voters say the wealthy will get the most benefits, according to a USA Today/Suffolk University poll released last week.

Starting next year, families making between $50,000 and $75,000 will get average tax cuts of $890, according to an analysis by the nonpartisan Tax Policy Center. Families making between $100,000 and $200,000 would get average tax cuts of $2,260, while families making more than $1 million would get average tax cuts of nearly $70,000, according to the analysis.

But if the cuts for individuals are allowed to expire, most Americans — those making less than $75,000 — would see tax increases in 2027, according to congressional estimates.

Only high-income people would get a meaningful tax cut after 2025, when nearly all of the plan’s individual income tax provisions are due to expire.

Republicans argue that the middle class will see benefits from the business tax cuts, in the form of more jobs and higher wages.

Democrats say that’s not likely to happen, that the tax cuts are simply a boon to wealthy Americans like Trump and leave lower-income families in a lurch.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 61839

Reported Deaths: 1707
CountyConfirmedDeaths
Hennepin19569839
Ramsey7717268
Dakota4507106
Anoka3752115
Stearns290920
Washington216345
Nobles17686
Olmsted176723
Scott159020
Mower11052
Rice10388
Blue Earth9325
Wright8975
Carver8783
Clay78840
Sherburne7328
Kandiyohi7021
St. Louis57319
Todd4292
Lyon4253
Freeborn3601
Steele3512
Nicollet34713
Watonwan3230
Benton3203
Winona26416
Beltrami2440
Crow Wing23814
Le Sueur2261
Martin2095
Chisago2041
McLeod2020
Goodhue1999
Otter Tail1983
Cottonwood1780
Becker1611
Pipestone1589
Polk1554
Waseca1490
Itasca14612
Douglas1441
Carlton1420
Unassigned13141
Dodge1290
Isanti1290
Pine1290
Murray1241
Chippewa1071
Morrison931
Wabasha930
Brown892
Faribault890
Meeker872
Rock850
Sibley842
Koochiching793
Jackson790
Pennington751
Cass742
Mille Lacs723
Fillmore670
Renville665
Lincoln580
Grant563
Swift551
Yellow Medicine520
Roseau520
Pope480
Houston420
Aitkin411
Norman400
Kanabec371
Redwood360
Hubbard350
Wilkin343
Marshall290
Wadena270
Mahnomen271
Red Lake240
Big Stone220
Lake210
Stevens180
Clearwater140
Traverse110
Lac qui Parle80
Cook50
Lake of the Woods40
Kittson30

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 49380

Reported Deaths: 942
CountyConfirmedDeaths
Polk10444208
Woodbury373452
Black Hawk315766
Linn242888
Johnson211819
Dallas189835
Buena Vista179412
Scott174314
Dubuque169831
Marshall145026
Pottawattamie133228
Story117315
Wapello90533
Muscatine85148
Webster8268
Crawford7313
Sioux6433
Cerro Gordo63417
Warren5721
Tama55429
Jasper48127
Wright4751
Plymouth47011
Clinton4164
Dickinson3844
Louisa37814
Washington30510
Boone2623
Hamilton2511
Franklin24512
Bremer2307
Clarke2043
Clay2011
Carroll1942
Emmet1934
Des Moines1872
Shelby1861
Hardin1840
Marion1750
Poweshiek1608
Benton1601
Floyd1582
Allamakee1564
Jackson1561
Mahaska14217
Guthrie1355
Cedar1341
Jones1332
Buchanan1291
Henry1274
Madison1252
Butler1252
Hancock1212
Lee1183
Humboldt1181
Pocahontas1172
Delaware1171
Lyon1152
Harrison1101
Cherokee1101
Clayton1063
Taylor1000
Winneshiek971
Iowa971
Page950
Monona910
Kossuth900
Mills890
Palo Alto880
Jefferson870
Calhoun862
Winnebago860
Sac860
Fayette850
Osceola840
Grundy801
Mitchell790
Cass791
Union781
Monroe748
Lucas734
Worth670
Davis612
Montgomery604
Chickasaw550
Appanoose513
Howard500
Fremont430
Greene430
Keokuk371
Van Buren361
Ida310
Adair300
Audubon291
Decatur250
Ringgold231
Wayne201
Adams160
Unassigned10
Rochester
Few Clouds
69° wxIcon
Hi: 69° Lo: 64°
Feels Like: 69°
Mason City
Clear
79° wxIcon
Hi: 82° Lo: 65°
Feels Like: 81°
Albert Lea
Clear
75° wxIcon
Hi: 77° Lo: 66°
Feels Like: 75°
Austin
77° wxIcon
Hi: 80° Lo: 66°
Feels Like: 79°
Charles City
Scattered Clouds
79° wxIcon
Hi: 80° Lo: 66°
Feels Like: 81°
More rain chances to finish off the work week
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Sean's Weather 8/12

Image

More students enrolling Pine Island

Image

Rochester's Ronald McDonald House adapting to new normal

Image

Shots fired at Rochester apartment complex

Image

Big Rochester Races on MN Primary Ballot

Image

Jump Bikes in Rochester

Image

Coaches react to Big Ten cancellation

Image

Wind Farm Project Update

Image

Biden chooses a running mate

Image

The impact of a pandemic on a primary

Community Events