Trump Signs Tax Cuts and Jobs Act; Tax Briefing Updated

President Trump signed the Tax Cuts and Jobs Act (P.L. 115-97) on December 22. The President tweeted early in the day that he would sign the sweeping overhaul of the nation’s tax laws in the Oval Office of the White House. “I am keeping my promise,” Trump said. “I am signing it before Christmas.”

Timing

Congress passed the Tax Cuts and Jobs Act on December 20. At that time, it was unclear if the president would sign the bill before or after January 1. A senior White House official indicated that he might wait until January because of certain spending provisions to be triggered by enactment. However, Congress waived those spending triggers in a stop-gap funding bill passed on December 21.

The president said had originally planned to wait for a formal signing ceremony in January but changed his mind. “I watched the news this morning and they were all saying, will he keep his promise, will he sign it by Christmas? I called downstairs and said get it ready, we have to sign it now.”

“This is something I am very proud of,” the president said. “It’s going to be a tremendous thing for the American people. It’s going to be fantastic for the economy.”

Reaction

Democrats, however, pointed to the Act’s costs. “The Act raises taxes on 86-million middle-class families and adds $2.3 trillion to the federal debt,” House Ways and Means Committee ranking member Richard Neal, D-Mass., said. “Our children and grandchildren will be forced to foot the bill for tax cuts given to those at the very top and big corporations.”

Tax Briefing Updated

The Tax Cuts and Jobs Act provides the most sweeping change to the U.S. tax code in decades. This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing and more. For highlights of the tax bill, see Wolters Kluwer’s latest Tax Briefing here.

In addition, click here for detailed coverage of the provisions of the Act in Wolters Kluwer’s Tax Cuts and Jobs Act: Law, Explanation and Analysis !

By George L. Yaksick, Jr., Wolters Kluwer News Staff

 

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