Friday, 22 December 2017

President Trump signs tax overhaul into law

Donald Trump has signed a $1.5tn (£1.1tn) tax cut programme into law.
Although this is the first major overhaul of US tax laws in 21 years, it is far from the "largest tax cut in American history" - a claim repeatedly made by the President in recent days.

It was initially thought that Mr Trump will 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.

In the Oval Office, he said: "I was going to wait for a formal signing some time 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?

"I immediately called downstairs and said 'get it ready'."

Earlier, the President hailed companies "showering their workers with Christmas bonuses" as a result of his corporate tax reforms.

Mr Trump posted a celebratory message on Twitter after big name firms including AT&T and Comcast credited the tax cut programme for allowing them to promise one-off payouts of up to $1,000 (£750) to hundreds of thousands of workers ahead of the festive season.

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

The package includes a cut in the corporate rate from 35% to 21%, with about 80% of households due to pay less next year according to an estimate from the Tax Policy Centre.

SKY         News.