'Merry Christmas!': Trump Signs $1.5 Trillion Tax Bill into Law

Ben Kennedy
12-22-2017

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WASHINGTON – President Donald Trump signed a $1.5 trillion tax overhaul into law Friday.

"I am keeping my promise and I am signing it before Christmas," said President Trump.

The bill passed the House on Thursday with a 231-188 vote and in the Senate with a 66-32 vote.

"Democrats don't like tax cuts," Trump charged. "They want to raise your taxes. They don't want to lower your taxes."

House Speaker Paul Ryan tweeted Friday:

Initially, the president said he was going to wait until the first of the year to sign the measure but changed his mind.

Republicans are calling this a moment decades in the making – passing the largest tax overhaul since the Reagan administration.

The new tax plan slashes the corporate tax rate from 35 percent to 21 percent. It also doubles the standard deduction to $12,000 for single filers and $24,000 for married couples.

And for many, it simplifies the tax filing process down to a postcard.

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About The Author

Ben
Kennedy

Ben Kennedy is an Emmy Award-winning White House correspondent for CBN News in Washington, D.C. He has more than a decade of reporting experience covering breaking news nationwide. He's traveled cross country covering the President and scored exclusive interviews with lawmakers and White House officials. Kennedy spent seven years reporting for WPLG, the ABC affiliate in Miami, Florida. While there he reported live from Kingston, Jamaica, as Hurricane Matthew hit the island. He was the first journalist to interview Diana Nyad moments after her historic swim from Cuba to Key West. He reported
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