The Latest: Trump signs $1.5 trillion tax overhaul into law
Source: Associated Press
Associated Press December 22, 2017
WASHINGTON (AP) The Latest on President Donald Trump(all times local):
11 a.m.
President Donald Trump has signed into law a $1.5 trillion tax overhaul package.
Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that "the numbers will speak." The president said he was going to wait to sign it until after Jan. 1 but changed his mind.
The legislation provides generous cuts for corporations and the wealthiest Americans and smaller ones for the middle class and low-income families.
It is the first major overhaul of the nation's tax laws since 1986, but far from the largest tax cuts in American history as the president claims. Politically, it marks the Republicans' first major legislative accomplishment of Trump's presidency.
Read more: https://finance.yahoo.com/news/latest-trump-signs-1-5-160225789.html
That's what this unleashes.
Eyeball_Kid
(7,441 posts)MFM008
(19,848 posts)DROP DEAD MAGGOT.
gopiscrap
(23,769 posts)meadowlark5
(2,795 posts)I'm sure the repubs are fine if it does, but doesn't that hit their base voters?
unblock
(52,574 posts)but yeah, he doesn't care about the problems.
if anything, he thinks cutting spending is a surprise bonus.
more important is that he gets to eat his cake.
neohippie
(1,142 posts)They put a waiver to stop Paygo from taking affect in the short term funding bill yesterday
They know that their tax bill is going to create a huge deficit and don't even pretend that's not the case
24601
(3,967 posts)anyone voting against it will face myriad attack ads going into mid-term elections.
onenote
(42,917 posts)Is there a reason that additional votes on a pay go waiver would be needed?
24601
(3,967 posts)it covers all 2018, I doubt that another vote is required. Here's what I found:
"The House passed another so-called continuing resolution, 231-188, with 16 Republicans voting no and 13 Democrats voting yes. The Senate then passed the bill, 66-32, with mostly Republican votes."
snip
"As one concession, Democrats did get a six-month supply of money for the Childrens Health Insurance Program (CHIP) in the CR. The program has been running out of money since October. The bill also includes language to waive certain pay-as-you-go rules that the GOP tax bill would trigger because of the new debt in their tax bill, which wont be signed into law until these so-called Paygo rules are nullified with this legislation"
https://www.huffingtonpost.com/entry/house-passes-short-term-spending-bill_us_5a3c2b84e4b0b0e5a7a0ddcf
unblock
(52,574 posts)i'm sure he was told that he should wait until january 1 to sign so that the automatic spending cuts wouldn't cause havoc, by delaying them by a full year.
but i'm sure his desire to have a legislative "victory" in 2017 was more important to him.
BumRushDaShow
(130,397 posts)If Congress had gone into recess or adjourned, then not signing the bill within 10 days would have meant a pocket veto (and I think the 10 days would have been December 30). Sitting on the bill any other time of the year would mean it would automatically go into effect.
There had been a DU thread discussing whether the GOP would actually force a recess, allowing Drumpf to recess-appoint any crazy he could find.
Just checked the calendar and the Senate is scheduled for a pro-forma session tomorrow (Sat. Dec. 23rd), so they ARE going to be continuing the recent past practice of graveling in every 3 days via pro-formas and are NOT in recess (I believe the Senate would technically be "in recess subject to the call of the Chair" meaning not really adjourned/recessed).
unblock
(52,574 posts)via pro forma session, just to make sure that even if donnie forgot to sign, it would become law.
my understanding was that january 1 was the 10th day, but as he's signed it today anyway, it's a moot point.
BumRushDaShow
(130,397 posts)but according to the main congressional website, it was given to him on 12/21/17 - https://www.congress.gov/bill/115th-congress/house-bill/1/text
where 10 days would be 12/31. And he had originally considered signing on 1/3/18.
unblock
(52,574 posts)BumRushDaShow
(130,397 posts)Thanks!
(although his original January 3rd planned signing might not have been )
not fooled
(5,809 posts)dump might eat one too many fatty xmas treats and drop dead, hence jeopardizing the tax scam.
BumRushDaShow
(130,397 posts)(he has walked out of rooms without signing legislation before)
kimbutgar
(21,322 posts)Can you imagine by November 2018 when they lose benefits and Twitler supporters have to take in their medically fragile and parents with dementia/alzelheimers into their home because they lose funding for the senior care places?
Haha
2naSalit
(87,097 posts)be applicable...
https://www.democraticunderground.com/100210010913
One can only hope at this point.
Wuddles440
(1,140 posts)by him not waiting until 2018 due the potential impact on the mid-term elections. However, I'm pretty confident that McTurtle and Putz Ryan already have strategized how to blame the Dems for any cuts to Medicare and other social programs. Of course, the "liberal" media will then adopt their talking points and put Pelosi, Schumer, et.al. on the defensive.
Javaman
(62,547 posts)"by not voting for the tax cuts, the dems have willfully obstructed congress and caused the cuts to medicare".
I know, makes no sense but that will be the main talking point.
brush
(54,009 posts)onenote
(42,917 posts)But that issue was solved by a pay go waiver included in the short term spending bill, so the path was clear for him to sign the bill now.
brush
(54,009 posts)neohippie
(1,142 posts)Paygo Waiver was put in the short term funding bill
https://www.wsj.com/livecoverage/tax-bill-2017/card/1513880581
House to Pass Pay-Go Waiver, Rand Paul Objecting in Senate
The House is expected to pass a short-term spending bill Thursday afternoon that includes a provision needed to avoid $25 billion in Medicare cuts triggered by the GOP tax bill under pay-as-you-go budget rules.
That law requires tax cuts and certain spending increases to be paired with offsetting provisions. If not, the law forces automatic spending cuts, although Congress has routinely passed the waiver in years past.
jmowreader
(50,614 posts)He gives the Democratic party a yooger Christmas present by throwing the 2018 election.
MGKrebs
(8,138 posts)Between DACA and Paygo they kinda folded on this. Hopefully they have a strategy to get something out of giving that vote up.
samnsara
(17,677 posts)no_hypocrisy
(46,380 posts)If Trump signed after December 30, while Congress was out, the bill would be null and void. If R's tried again in 2018, Doug Jones would be seated and as it's midyear elections and more people know about the contents, who knows if it would pass again.
onenote
(42,917 posts)The short term spending bill included a pay go waiver. Thus, the reason for delay -- automatic spending cuts in 2018 per the pay go law -- no longer were an obstacle.
rurallib
(62,511 posts)Just asking
djacq
(1,634 posts)Remember this day,
Never realeased his tax returns.
Committed fraud.
Several bankruptcies.
Money laundering.
Never divest his business in a trust fund.
Receiving foreign money.
Golfing and hanging out at his luxurious resorts.
Deregulating Wall Street.
Failed to pay contractors.
Crippling the CFPB.
Throwing 13 million people off health insurance.
CHIP on the edge of collapse.
Signed a Bill that will give him, his family, and very rich friends a huge tax cut.
Remember this day!
workinclasszero
(28,270 posts)Initech
(100,175 posts)nitpicker
(7,153 posts)Yes.
Pain and agony for those whose kids are over 16. Lose the exemptions, no CTC to compensate for it.
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