President Donald Trump said Friday that the $1.5 trillion tax overhaul he signed into law terminated "the most hated part of Obamacare" — the individual mandate.
Trump took to Twitter:
The repeal of the Obamacare mandate was added to the tax reform bill after Republicans failed several times this year to end basic elements of former President Barack Obama's healthcare legislation, which often laid bare the rift between party members and leadership.
Trump signed the tax overhaul Friday in the Oval Office, saying that he chose to do so now than in January, before heading off to his Florida resort for a 10-day Christmas holiday.
"I didn't want you folks to say I wasn't keeping my promise," he told reporters. "I'm keeping my promise."
The president also signed a temporary spending bill to keep the federal government running and provide money to upgrade the nation's missile defenses.
The tax cut, which fulfilled a long-held Republican goal, was at the forefront of Trump's mind.
"I don't think we are going to have to do much selling," Trump said, noting that the law was a big win for the middle class and that the savings will soon bring forth "numbers" that "will speak" for themselves.
"Corporations are literally going wild over this," Trump added amid reports that AT&T, Wells Fargo and other major companies were handing out employee bonuses after the bill's passage.
Democrats opposed the bill from the start as a giveaway to the wealthy that would add $1.5 trillion to the $20 trillion national debt over the next decade.
Trump again slammed Democrats for their opposition, saying they "don't like tax cuts, they want to raise your taxes."
Hours before, however, he tweeted a pitch for bipartisanship:
The tax overhaul is the largest since 1986, but far from the biggest in American history, despite President Trump's repeated claims.
Under the new law, families making between $50,000 and $75,000 will get average tax cuts of $890 starting next year, according to an analysis by the nonpartisan Tax Policy Center.
Families making $100,000 to $200,000 would get average tax cuts of $2,260, while those making more than $1 million would get average tax cuts of nearly $70,000, according to the analysis.
But if the cuts for individuals are allowed to expire, most Americans — those making less than $75,000 — would see tax increases in 2027, according to congressional estimates.
Only high-income people would get a meaningful tax cut after 2025, when nearly all of the plan's individual income tax provisions are due to expire.
Republicans argue that the middle class will see benefits from the business tax cuts, in the form of more jobs and higher wages.
Democrats say that's not likely to happen, that the tax cuts are simply a boon to wealthy Americans like Trump and leave lower-income families in a lurch.
The tax law is expected to loom large during next year's midterm congressional elections, as a president's party typically loses seats in Congress.
That's even more true for presidents whose approval ratings dip below 50 percent — and Trump's have never been that high.
Further, the new tax law remains unpopular with voters.
Only about one in three voters have supported the legislation in recent days, according to several polls.
At least half of Americans believe the plan will hurt their personal finances. In addition, two in three voters say the wealthy will get the most benefits, according to a USA Today/Suffolk University poll released last week.
The Associated Press and Reuters contributed to this report.
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