President Trump signs tax overhaul, Obamacare mandate repeal into law

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The White House has claimed the tax bill Mr Trump signed into law on Friday, the biggest overhaul of the system since 1986 and his first major legislative accomplishment, would help all Americans, even though independent analysts say the wealthiest will benefit the most.

"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?'" Trump said.

Trump said he saw the coverage Friday morning and hastily called his staff to say that the legislation needed to be signed "now", prompting a last-minute Oval Office ceremony for the signing. "It's the great Oval Office".

It's true that changes in the new law that would cut taxes - for individual, business and global taxes - comes to about $5.5 trillion, according to the Joint Committee on Taxation.

"It's going to be a tremendous thing for the American people".

Mr. Trump has said he hopes to tackle infrastructure, an issue on which he believes he can garner Democratic support. We can't say exactly how much of that goes to families, since some business owners - such as partners in limited liability corporations - pay taxes through personal income taxes.

On Saturday, the president also took to Twitter to defend Republicans' performance in congressional races, and to criticize FBI Deputy Director Andrew McCabe, who is expected to retire early next year.

There was some discussion in Congress and at the White House that Trump should consider delaying the signing until early 2018 as a way to delay automatic spending cuts that could have been triggered by the tax cuts.

It is fair to say that the tax plan would cut taxes.

It was initially thought that Mr Trump would 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.

Jerusalem: No decision to sanction Nigeria, others yet
The majority vote in UNGA has proved that USA President Donald Trump's decision was unjust and discriminatory. How refreshing it is to see someone with integrity, poise resolve and commitment to the truth.

And therein lies the truth of Trump's Friday remarks. The president delayed his travel to Florida for the holidays by an hour to stave off potential criticism.

It said the president conducted a historic 12-day tour to Asia, which included visits to five countries and attending three regional summits, to promote America's interests.

"This has been a year of extraordinary accomplishment for the Trump administration", Senate Majority Leader Mitch McConnell said.

The standard deduction, however, will nearly double. In fact, his heirs are also going to benefit from the new tax bill.

But critics point out that some aspects of the GOP tax overhaul - such as the doubling of the cap for the estate tax break and lowering of corporate and S-corporation taxes - disproportionately benefit the most affluent Americans. That goes away under the new law (though as written, it would return after 2025).

It also ends fines for people who don't carry health insurance.

It was also parroted in a tweet from Ivanka Trump, the president's daughter. The law is not repealed, but the mandate had been considered an important feature of it. He counts tax changes that cut taxes and ignores those that will increase taxes.

Republican lawmakers and administration officials contend that the massive tax cuts will spur economic growth for years to come.

It's impossible to predict if the tax reductions and simplification will help the GOP in next year's midterm elections.

$1.2 trillion in cuts through changes to the tax brackets. Growth would be slightly reduced by increased interest on the federal debt of about $66 billion over the period, the committee added. That provision will increase revenue to the government by a little more than $1.2 trillion over 10 years. "That's probably the biggest factor in our plan", he said. I could've started with infrastructure - I actually wanted to save the easy one for the one down the road.