Merry Christmas to us!
On Thursday, President Trump referred to the new Republican tax plan as a “big, beautiful Christmas present” for United States citizens. He is pushing for the tax plan to pass by Christmas.
Trump announced, “I want the House to pass a bill by Thanksgiving. I want all the people standing by my side when we sign by Christmas, hopefully before Christmas.”
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He said, “We’re working to give the American people a giant tax cut for Christmas,” Trump continued, “We are giving them a big, beautiful Christmas present in the form of a tremendous tax cut.”
Trump said, “Great bill. Great bill. It’s going to be very special, you’ll see,” and added that it will be “the biggest tax cut in the history of our country.”
The president spoke just hours after House Republicans unveiled their sweeping plan to slash individual and corporate tax rates.
It’s the opening bid in the GOP’s effort to overhaul the tax code for the first time in 30 years, a goal Republicans say they will need the president’s bully pulpit to achieve
But the plan has already run into opposition from interest groups, who oppose certain provisions like lowering the mortgage interest deduction.
Some GOP lawmakers representing high-tax states are also upset with language capping deductions for state and local taxes.
Here is a quick, foolproof breakdown of the tax plan:
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