Local NewsNational


President Trump signed tax reform bill today

Posted at 3:03 PM, Dec 21, 2017

President Donald Trump signed the $1.5 trillion tax bill into law Friday, shortly before he departed Washington for his holiday vacation in West Palm Beach, Florida.

The bill passed the House 224-201 for a second time Wednesday after a procedural hiccup, with no Democrats backing it and a dozen House GOP members voting no.

Trump and congressional Republicans celebrated their win at the White HouseWednesday.



The plan, which critics say benefits the wealthy more than the middle class, lowers the corporate tax rate down from 35% to 21%, nearly doubles the standard deduction for individuals, repeals the individual mandate in the Affordable Care Act and restructures the way pass-through businesses are taxed.

The officials predicted that January will be a busy month for Republicans legislatively. Trump plans to meet with Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan the first week of that month to discuss their priorities for 2018, they said.

As far as a solution for the Deferred Action for Childhood Arrivals program, these officials estimated that it will not be included in a budget deal, but "the timeline will be similar."

™ & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.