Trump Signs Tax Bill Into Law

President Trump signed the Tax Cuts and Jobs Act this morning in the Oval Office, keeping his promise of having the legislation enacted into law ahead of the Christmas holiday break.

 

The exact timing of when and where the bill would be signed was left unanswered following Wednesday’s passage of the legislation by Congress. The president made no mention of when the signing would occur during his rally with congressional Republicans on Wednesday afternoon, and White House legislative director Marc Short said that President Trump could possibly sign the bill while he's vacationing at his Mar-a-Lago estate in Florida for the holidays, and the president told reporters that he had seen news reports that the signing would be postponed until early January.

 

CBS News reported that the White House was waiting for Congress to pass a short-term spending bill that suspended the "pay-go" rule, which required the new tax cuts to be paid for with automatic spending cuts to offset the cost. Congress passed the stopgap spending bill yesterday, which provides funds to keep the federal government operational through Jan. 19.

 

Immediately after the signing, the Financial Services Roundtable (FSR) issued a statement praising the conclusion of this legislative process. “Modernizing America’s tax system will help ignite economic growth, make our businesses more competitive, add jobs and increase paychecks,” said FSR CEO Tim Pawlenty. “This is a victory for American taxpayers, and we look forward to working with policymakers to further increase economic opportunity in communities across the country.”

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