The Latest: Trump signs $1.5 trillion tax overhaul into law

[DonViejo]

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

[SHRED]

1. Chaos

That's what this unleashes.

[Eyeball_Kid]

2. "Chaos" is Trumpy's wheelhouse.

[MFM008]

3. My Christmas wish

DROP DEAD MAGGOT.

[gopiscrap]

13. Ho Ho Ho I couldn't have said it better

[meadowlark5]

4. I thought they were going to wait so it didn't cut Medicare right away

I'm sure the repubs are fine if it does, but doesn't that hit their base voters?

[unblock]

6. not just medicare. in fact, medicare will get a smaller cut than most areas, such as military.

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]

7. Paygo Waiver was in short term funding bill

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]

17. It hits everybody's base voters. Now there will be multiple Congressional votes to waive Paygo and

anyone voting against it will face myriad attack ads going into mid-term elections.

[onenote]

20. Pay go was waived in the short term spending bill

Is there a reason that additional votes on a pay go waiver would be needed?

[24601]

30. Thanks for that information. I had thought the CR didn't include the waiver after Paul objected. If

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 Children’s 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 won’t 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]

5. my guess is he wanted a "victory" in 2017. not worried about the chaos the paygo cuts will cause

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]

12. But here was the conundrum with waiting

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]

15. yes, if i were ryan/mcturtle, i would make sure congress was in session

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]

21. Yup moot

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]

24. sundays don't count, so january 1 would have been fine.

[BumRushDaShow]

27. Just saw that!

Thanks!

(although his original January 3rd planned signing might not have been )

[not fooled]

25. pukes probably were worried

dump might eat one too many fatty xmas treats and drop dead, hence jeopardizing the tax scam.

[BumRushDaShow]

28. Heh heh

(he has walked out of rooms without signing legislation before)

[kimbutgar]

8. So all those Twitler supporters on Medicare are going to get screwed

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]

9. Perhaps this will

be applicable...


https://www.democraticunderground.com/100210010913


One can only hope at this point.

[Wuddles440]

10. Initially shocked...

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]

11. I can see it now...

"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]

14. I heard he was going to wait until Jan. so it won't go into effect until after the 2018 elections.

[onenote]

19. No. He was going to wait until January to avoid pay-go automatic spending cuts

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]

22. Thanks for clearing that up.

[neohippie]

16. They addressed the PayGo issue in the short term funding bill

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]

18. Trump gives his supporters a yooge Christmas present by signing the tax cut

He gives the Democratic party a yooger Christmas present by throwing the 2018 election.

[MGKrebs]

23. Boy, I hope Dems have a plan.

Between DACA and Paygo they kinda folded on this. Hopefully they have a strategy to get something out of giving that vote up.

[samnsara]

26. wonder why he didnt wait til after the new year so GOP wouldnt have to 'splain?

[no_hypocrisy]

29. Changed his mind to avoid pocket veto.

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]

32. No. Changed his mind because the pay go problem went away

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]

31. Surely he read it first?

Just asking

[djacq]

33. Remember This Day

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]

34. Trump signed the death warrant for the republican party!

[Initech]

35. The corporate coup is complete.

[nitpicker]

36. "The numbers will speak"?

Yes.

Pain and agony for those whose kids are over 16. Lose the exemptions, no CTC to compensate for it.