From The Trussville Tribune staff reports
WASHINGTON — President Donald Trump signed the Republican tax bill into law on Friday that passed the House of Representatives and Senate in Congress earlier this week.
According to a statement on WhiteHouse.gov, the tax bill will make three major changes to current tax law:
- “It provides $5.5 trillion in tax cuts by nearly doubling the standard deduction, doubling the child tax credit, protecting tax savings for higher education and retirement, and lowering rates across the board. It also repeals Obamacare’s individual mandate tax, 80 percent of which hit households earning less than $50,000 a year in 2016.
- “America’s corporate tax rate will go from being the highest in the developed world to below the average for Organisation of Economic Co-operation and Development (OECD) countries. A one-time tax on corporate earnings stashed overseas will end the incentive for companies to keep their profits outside of the United States.
- “The Tax Cuts Act will raise $4 trillion in revenue to help offset tax cuts by closing the door on dozens of corporate accounting tricks. The bill eliminates a loophole used to deduct compensation for executives earning more than $1 million a year. Washington isn’t spared, either: Members of Congress will no longer be able to deduct their living expenses.”
“It’s going to be a tremendous thing for the American people,” Trump said during the signing ceremony in the Oval Office Friday. “It’s going to be fantastic for the economy. It’s going to keep companies from leaving our shores and opening up in other countries.”
The president also took to social media to discuss the signing of the bill.
— Donald J. Trump (@realDonaldTrump) December 22, 2017