President Trump Signs GOP Tax Bill Into Law

WASHINGTON, DC — President Trump signed the Tax Cuts and Jobs Act into law Friday, the final step in the lawmaking process for the legislation the Republican Party has long fought for. Trump also signed the continuing resolution passed by Congress Thursday, which averts a government shutdown and secures funding for federal programs through Jan. 19, 2018.

The Oval Office signing was announced last minute. It had not originally been listed on the president's schedule for the day.

Trump told reporters that he had not initially planned on signing the bill today, but when he saw people on TV news asking whether he'd keep his promise to pass the plan before Christmas, he changed his mind.

"I didn't want you folks to say I wasn't keeping my promise," he said. "We did a rush job today, and it wasn't fancy."

He added: "We expected a formal ceremony in two weeks."

The law slashes the corporate tax rate permanently and cuts rates for individuals and families on a temporary basis. It also repeals Obamacare's individual mandate, which congressional analysts believe will raise increase the rate of people who are uninsured and raise health care premiums. The mandate has long been one of the least popular parts of Obamacare because it means some people who forego health insurance have to pay a tax penalty that can amount to hundreds of dollars.

"I think Obamacare is over," Trump said. "We have essentially repealed Obamacare."

However, many major parts of the Obamacare — also known as the Affordable Care Act — remain in place. The Trump administration's own Department of Health and Human Services help millions sign up for health insurance under the law in November and December. Those who signed up will be covered beginning in January.

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White House Chief Economic Advisor Gary Cohn and Press Secretary Sarah Sanders attended the signing.

Trump gave out some of the pens he used in the signing of the bill to reporters in the room. He said many of them "worked very hard" and "very fairly." He said he particularly likes boomholders and cameramen.

The president and First Lady Melania Trump are scheduled to fly to Mar-a-Lago for the holidays.

The fundamentals of the tax bill include:

• Corporations get a massive permanent tax cut from 35 percent down to 21 percent.
• The top income tax rate is dropped from 39.6 percent to 37 percent, giving a large tax cut to wealthy people.
• Many individuals and families will see their tax rates fall at first, but these cuts expire before the 10-year horizon of the bill expire.
• The child tax credit is increased, giving many families an additional cut; this provision expires in 2026.
• Several larger personal deductions are cut, which will likely cause some families and individuals to pay higher rates overall, even in the short term.
• The Affordable Care Act insurance mandate is repealed, a move which the Congressional Budget Office thinks will raise premiums and cause millions more people to be uninsured in the coming years.

Despite the enthusiasm among Republican lawmakers for the bill, the public is much more hesitant about the changes. Read more about how the tax bill will affect your finances in the first year. Read more about the nitty gritty details of the tax bill here.

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