On December 22, President Donald Trump signed a new tax bill into law. It is the biggest change to U.S. tax law since 1986. He signed the bill in the Oval Office. He said the bill is “something I’m very proud of.”
The tax plan is Trump’s first big legislative achievement since taking office in January 2017. The Senate approved the bill in a vote of 51 to 48, on December 20. The House of Representatives passed the bill 224 to 201. No Democrats in Congress voted to approve the bill.
“This is change that is going to put our country on the right path,” said Paul Ryan. He is the Speaker of the House.
The new law gives big tax cuts to corporations. Republicans say that businesses should pay less in taxes. That way, they will invest in new equipment and hire more workers. Republicans say this will improve the nation’s economy.
Critics say the law benefits mainly the wealthy. It is “simply theft—monumental, brazen theft from the American middle class,” said Nancy Pelosi. She is the House minority leader.
But the president is hopeful about the new law. “It’s going to be a tremendous thing for the American people,” he said.