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The Donald puts his autograph on the 'Tax Cuts' bottom line
by Joseph Earnest December 22, 2017
Newscast Media WASHINGTON—President Donald Trump signed the most significant piece of legislation of his freshman year in White House into law, on Friday December, 22.
Democrats had wrongly predicted that Trump would sign H.R. 1, Tax Cuts and Jobs Bill Act into law in January 2018, even though Trump had promised to push through tax cuts by Christmas.
In a tweet, Trump wrote, "95% of Americans will pay less or, at worst, the same amount of taxes (mostly far less). The Dems only want to raise your taxes!"
He also remarked, after signing the bill, "I watched the news -- as you know, we had the largest tax cuts in our history just approved. And I was going to wait for a formal signing sometime in early January, but then I watched the news this morning and they were all saying, "Will he keep his promise? Will he sign it by Christmas?" You were one. But will he sign it by Christmas?" And I called downstairs, I said, get it ready; we have to sign it now. We were going to wait until January 7th or 8th and do a big, formal ceremony, but every one of the networks was saying, "Will he keep his promise? Will he sign it before Christmas?" And so I immediately called, I said, let's get it ready."
Below are highlights of Trump's speech after signing the Tax Cuts law:
. . . As you know, $3.2 trillion in tax cuts for American families, including the doubling of the standard deduction and the doubling of the Child Tax Credit. The typical family of four earning $75,000 will see an income tax cut of more than $2,000 -- many much higher than that -- slashing their tax bill in half. And they're going to start to see that. Because we're signing today, they're going to start to see that in February. The numbers will speak.
One of the big things that happened -- you have some companies. I want to thank AT&T, who actually was the first out of the box, and Boeing, and Sinclair, and Wells Fargo, and Comcast -- even though they own NBC, which is not so nice to the presidency or the President. But Comcast also. They all have made tremendous contributions to their employees and tremendous contributions to spending money on this country because of the tax bill. And they all said it's because of the tax bill. So they're making tremendous investments. That means jobs; it means a lot of things. And we're very happy. So that's AT&T, Boeing, Sinclair, Wells Fargo, Comcast, and now many other companies who you see. In fact, just this morning, I see three more companies came on.
A friend of mine, Bob Kraft, called me last night, and he said this tax bill is incredible. He owns the New England Patriots, but he's in the paper business too. And he said, based on this tax bill, he just wanted to let me know that he's going to buy a big plant in the great state of North Carolina, and he's going to build a tremendous paper mill there, or paper products plant.
And I've had many calls such as that, where people that are entrepreneurs, people in businesses, they're going out and they're going to buy, frankly, factories that are closed, abandoned, and now they're not going to be abandoned any longer. This is having an even bigger impact, faster than I thought.
The corporate tax rate, as you know, will be lowered from 35 to 21 percent. That means that more products will be made in the USA. A lot of things are going to be happening in the USA. We're going to bring back our companies. They've already started coming back. I think they had certain confidence in me and they figured we were going to get this done. But they have already started.
Something very important to me -- the family farmers and small-business owners who lost their business because of the estate tax. Most of them won't have any estate tax to pay. It will be a great thing for their families. You can leave your farm to your family. You could leave your business, your small business to your family -- not even so small, because the numbers are pretty big here. So they'll be exempt from having to pay an estate tax, which will be tremendous. They'll keep their farms and their businesses in the family.
Businesses will be able to deduct 100 percent of the cost of their capital investments in the year the investment is made. That's called expensing. And to do one-year expensing, I think, is going to be one of the biggest things in the bill, frankly. I think people are going to go out and absolutely go wild over expensing. Bob Kraft mentioned that last night in his telephone call. The fact that they can expense -- do one-year expensing is a fantastic asset.
Historic small-business tax cuts and pass-throughs now are made really, really good for the business owner. They're hiring people. I see it on television. I’m reading about it all over where people are hiring a lot of people right now to go to work. The small-business tax cut and the pass-throughs are now really incentivizing people.
We're going to bring back probably $4 trillion from overseas. Nobody knows the exact number, but it’s massive. It will be over $3 trillion; it could be $5 trillion. But it’s a tremendous amount of money that was caught overseas that the bureaucracy plus the tax laws didn't allow it to reasonably be brought back into our country. So we think at least $4 trillion is going to be brought back.
And if you look at that, it’s going to be brought back right under the code. This is something that Republicans wanted for years and Democrats wanted for years, and yet it never got done. Who would object to trillions of dollars being brought back into our country? Nobody. But it never got done. Now it’s being done.
And the bottom line is, this is the biggest tax cuts and reform in the history of our country. This is bigger than, actually, President Reagan’s many years ago. I’m very honored by it... Add Comments >>
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