Tax overhaul a murky proposition

Trump: Democrats and Republicans will eventually 'develop a great new healthcare plan'

The law provides dramatic tax breaks to USA corporations, and families at all income levels will see their income tax drop starting next year, with the largest benefits going to the rich.

Trump has had a contentious relationship with the media since the days of his campaign, often referring to the press as "fake news".

The president said he was going to wait to sign it until after january 1 but changed his mind.

Hours after signing a sweeping tax bill that independent analysts say will most benefit corporations and wealthy Americans, Donald Trump reportedly told friends at his private Florida club: "You all just got a lot richer".

Mr. Trump has said he hopes to tackle infrastructure, an issue on which he believes he can garner Democratic support.

News that companies, albeit a small number so far, are passing on benefits of the looming tax changes may help ease jitters among senior Republicans that they risked sparking a political backlash.

"The President has accomplished some absolutely historic things during this past year".

Others, such as Boeing, joined them in confirming that the lower tax bills would help them to raise minimum pay and boost investment.

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It was initially thought that Mr Trump would wait until the new year before signing the package into law, but instead, he decided to make it one of his final items of business before jetting off to his Florida estate for Christmas. This weekend, the president arrived after signing the most consequential legislation, and arguably, the greatest achievement, of his presidency thus far.

And therein lies the truth of Trump's Friday remarks.

Trump said he was motivated to hold the surprise signing ceremony early after watching the news that morning. But $3.2 trillion - just think of it - in tax cuts for American families, including doubling the standard deduction and doubling the child tax credit. The new law reduces five of the seven tax rates, including cutting the top rate from 39.6 to 37 percent.

Remember how the president spent a whole bunch of time selling the recently passed tax overhaul by claiming that it wouldn't personally benefit him and that his rich friends weren't that happy about it?

The new law has been criticized by lawmakers representing states with high taxes, because the bill caps state and local tax deductions at $10,000.

The most far-reaching rewrite of the nation's tax laws since 1986, the $1.5 trillion tax plan permanently lowers the corporate tax rate from 35 percent to 21 percent, imposes a low one-time tax on companies' overseas earnings, provides a windfall to people who pay the personal tax on business earnings, narrows and eventually ends the estate tax and cuts individual tax rates. The law is not repealed, but the mandate had been considered an important feature of it.

What it does not include are the many offsets in the tax plan. As a result, the cuts, which total about $1.456 trillion, would generate $451 billion in growth, the committee's analysis showed. People want it - Republicans and Democrats.

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