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在线翻译:
szdaily -> World Economy
Trump signs massive $1.5t tax overhaul into law
    2017-December-25  08:53    Shenzhen Daily

U.S. President Donald Trump signed Republicans’ massive US$1.5 trillion tax overhaul into law Friday, cementing the biggest legislative victory of his first year in office, and also approved a short-term spending bill that averts a possible government shutdown.

“It’s going to be a tremendous thing for the American people. It’s going to be fantastic for the economy. It’s going to keep companies from leaving our shores,” the president said as he signed the bill in the Oval Office. “I consider this very much a bill for the middle class, a bill for jobs.”

Trump said he wanted to sign the tax bill before leaving Washington on Friday for his Mar-a-Lago estate in Florida, rather than stage a more formal ceremony in January, so he could keep his promise to finish work before Christmas.

“I didn’t want you folks to say I wasn’t keeping my promise. I’m keeping my promise,” he told reporters in the White House.

Polls have shown that the tax plan is not popular with Americans, but Trump told reporters that Americans would begin to see its benefits as soon as their February paychecks. “I don’t think I will have to do much selling,” he said.

The tax package, the largest such overhaul since the 1980s, slashes the corporate rate from 35 percent to 21 percent and temporarily reduces the tax burden for most individuals as well. It will make U.S. business more competitive overseas. Many pass-through businesses also receive a 20-percent deduction.

It lowers individual tax rates, including trimming the top bracket to 37 percent from 39.6, while doubling the standard deduction and replacing personal exemptions with a US$2,000 partly refundable child tax credit. The law eliminates various deductions while limiting others on state and local taxes and mortgage interest.

Trump praised several companies that have announced employee bonuses in the wake of the bill’s passage, naming AT&T, Boeing, Wells Fargo, Comcast and Sinclair Broadcast Group.

“Corporations are literally going wild over this,” he said.

Democrats had opposed the bill as a giveaway to the wealthy that would add US$1.5 trillion to the US$20 trillion national debt during the next decade.

The spending bill extends federal funding through Jan. 19, largely at current levels. It does nothing to resolve broader disputes over immigration, health are and military spending.

Republicans also are divided over whether to follow up their sweeping overhaul of the U.S. tax code with a dramatic restructuring of federal benefit programs.

House Speaker Paul Ryan has said he would like to revamp welfare and health programs but Senate Republican Leader Mitch McConnell told National Public Radio that he was not interested in cutting those programs without Democratic support.

The measure also exempts larger inheritances from the estate tax, doubling the thresholds to US$11 million for individuals and US$22 million for married couples.

It has significant implications for health care as well, abolishing the Affordable Care Act’s penalty for Americans who don’t purchase insurance.

“We essentially repealed Obamacare,” Trump told reporters in the Oval Office on Friday. “I think Obamacare is over because of that, and we are going to come up with something that’s really going to be very good.”(SD-Agencies)

 

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