President Trump has signed into law the Republicans’ tax plan, which will shower billions of dollars of tax cuts upon the rich and major corporations, while ending a central pillar of President Obama’s signature healthcare law.
President Donald Trump: “So what’s happening is, we’re going to sign this. This is a little picture of it. It fits nicely in the box. … And I consider this very much a bill for the middle class and a bill for jobs. And jobs are produced through companies and corporations. And you see that happening. Corporations are literally going wild over this, I think even beyond my expectations, so far beyond my expectations.”
That was President Trump, signing the legislation into law on Friday in the Oval Office.
He is expected to personally benefit from a tax cut of up to $15 million a year. After signing the legislation, Trump traveled to his ritzy Mar-a-Lago resort in Florida, where he reportedly told his friends dining at the expensive private club, “You all just got a lot richer”—in reference to the tax law. The initiation fees for Mar-a-Lago cost $200,000, and annual dues cost $14,000. Experts say the $1.5 trillion tax cut will overwhelmingly benefit big corporations, multimillionaires, private equity managers and President Trump and his family, while hurting the elderly, low-income families, immigrants, people buying health insurance, and the island of Puerto Rico. The legislation will also repeal the Affordable Care Act’s individual mandate, which experts say will cause health insurance premiums to skyrocket. The legislation also opens up drilling in the Arctic National Wildlife Refuge. A recent NBC News/Wall Street Journal found only 21 percent of Americans think the tax plan is a good idea.