In keeping with his promise to give Americans a great big tax cut for Christmas, President Trump announced that he will be signing the sweeping and historic tax reform bill in his office Friday morning, not putting it off until the first of the year as some expected.
The reason the action was expected to be delayed until January was because automatic cuts to Medicare and other 2018 programs could have been triggered, under the “Pay as You Go Act,” which requires cuts if a bill increases the federal deficit.
However, language was added to the bill on Thursday to prevent that from occurring.
President Trump said he saw so many reports in the media, asking if he was going to keep his promise to sign the bill before Christmas, so he wanted to be sure and get it done today. He added that a more formal signing ceremony will take place on January 3.
It is described as the largest tax cut in history.
Immediately after the final approval was given on the bill on Thursday, several major companies announced they would be giving bonuses and investing more money into American jobs as a result of the bill.
The president’s eldest son, Donald Trump Jr., sent out a tweet after the signing, saying “Merry Christmas America!”
— Donald Trump Jr. (@DonaldJTrumpJr) December 22, 2017
— Washington Examiner (@dcexaminer) December 22, 2017
— ABC News Politics (@ABCPolitics) December 22, 2017
Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office. Will also be signing a much needed 4 billion dollar missile defense bill.
— Donald J. Trump (@realDonaldTrump) December 22, 2017
— FOX Business (@FoxBusiness) December 22, 2017
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