Photo: Screenshot/White House YouTube video channel
President Donald Trump exulted in the first major legislative success toward implementation of his agenda, calling passage of the $ 1.5 trillion tax cut as “something special.”
Flanked by Vice President Mike Pence and GOP Congressional leaders, Trump said American families would benefit enormously from the landmark reform.
“It’s been an amazing experience, I have to tell you. Hasn’t been done in 34 years, but actually, really hasn’t been done, because we broke every record. It’s the largest — I always say, the most massive — but it’s the largest tax cut in the history of our country — and reform — but tax cut. Really something special.”
Trump cited AT&T’s plan to increase U.S. capital spending $1 billion and provide $1,000 special bonus to more than 200,000 U.S. employees, a result of the passage of the legislation.
“That’s because of what we did. So that’s pretty good.”
“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 typical family of four earning $75,000 will see an income tax cut of more than $2,000. They’re going to have $2,000, and that’s, in my opinion, going to be less than the average. You’re going to have a lot more than that,” he claimed.
Democrats led by Nancy Pelosi and Chuck Schummer have criticized the bill, saying it would benefit large corporations. The Democrats on the Hill particularly opposed provisions ending individual mandate for health coverage under Obamacare plan.
Here is how Trump explained benefits of the tax reform in the years ahead.
“One thing, very important, for the farmers — the great farmers, and the great small-business owners, that were forced to sell their businesses at bargain, basement numbers — we have provided, for the most part, estate tax is wiped out. So they can keep their farms in the family, and that to me is a very big factor — very big. (Applause.)
“This is — this is going to mean companies are going to be coming back. And I campaigned on the fact that we’re not going to lose our companies anymore. They’re going to stay in our country. And they’re going to stay in our country. And you’ve been seeing what’s been happening, even at this prospect. But they have tremendous enthusiasm right now in this country. And we have companies pouring back into our country. And that means jobs, and it means really, the formation of new young, beautiful strong, companies. So that’s going to be very, very important.
“The pass-throughs, you know all about, and the small businesses are going to be big beneficiaries. We are going to be bring at least $4 trillion back into this country — money that was frozen overseas and in parts of the world. And some of them don’t even like us, and they had the money. Well they’re not going to have the money long. (Applause.) And so it’s really — I guess it’s very simple, when you think you haven’t heard this expression, but we are making America great again. You haven’t heard that, have you? (Applause.)”
