You are here: Home » International » News » Others
Business Standard

Trump signs tax, govt spending bills into law amid inequality concerns

Hailing the size of the tax cut, Trump said he was going to wait to sign it until after January 1, but changed his mind

IANS  |  Washington 

Donald Trump
Donald Trump

US on Friday signed a $1.5 trillion overhaul package into law, amid concerns that the change would widen inequality and swell public debt.

At the signing ceremony in the Oval Office, Trump called it "a bill for the middle class and a bill for jobs," adding "corporations are literally going wild", reported

Hailing the size of the cut, Trump said he was going to wait to sign it until after January 1, but changed his mind. reported that before he signed, Trump told reporters that "the numbers will speak".

The legislation provides generous cuts for corporations and the wealthiest Americans and smaller ones for the middle class and low-families.

On Wednesday, the US Congress passed the Republican bill on expected lines, with no Democrat voting for it. "By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy," quoted Trump as saying on Wednesday.

Some companies said they would spend the savings from lower corporate taxes on higher wages and new construction.

Cutting corporate rates to 21 per cent from the current 35 per cent and lowering individual rates, it is the first major overhaul of the US' laws since 1986, but far from the largest cut in its history, as Trump claims, said

Politically, it marks the Republicans' first major legislative accomplishment of the Trump presidency.

First Published: Fri, December 22 2017. 23:03 IST
RECOMMENDED FOR YOU