President Trump began his Cabinet meeting at the White House Wednesday morning by calling it a “celebration,” in reference to the passage of a sweeping tax overhaul bill. The Senate had passed the bill in the early hours of Wednesday morning, and the House revoted to pass it with technical fixes later Wednesday.
“We have done a job like no administration has done,” Mr. Trump said of the measure, which dramatically cuts corporate tax rates, and also contains cuts for individual taxpayers.
“I want to thank all of the leaders, I want to thank Mitch McConnell, I want to thank Paul Ryan,” Mr. Trump said, flanked by Secretary of State Rex W. Tillerson Rex Tillerson and Secretary of Defense James Mattis.
Mr. Trump noted that under the new tax plan, the standard deduction is nearly doubled and the corporate tax rate is cut from 35 to 21 percent. Mr. Trump claims that the tax bill will stimulate economic growth and labeled the legislation a “jobs bill.”
It’s not yet clear exactly when the president will sign the bill, but he said that people may begin to see its effects in February.