Donald Trump has been fighting Chuck Schumer and the Democrats for over a year.
They have blocked his agenda at every turn.
But Trump just made the announcement that Schumer has been dreading.
Trump held a White House event where he praised Republicans in Congress for striking an agreement on tax cuts.
The President predicted he would have the bill by Christmas and that Americans would see more money in their paychecks by February.
“President Donald Trump promised everyday Americans a “giant tax cut for Christmas” in a speech that the White House billed as his closing argument for a tax overhaul that congressional Republicans finished negotiating on Wednesday.
“When I say giant, I mean giant,” Trump said in a televised speech from the White House. “As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages and massive tax relief for American families and for American companies.”
Trump said that a “typical” family of four earning $75,000 would see a tax cut of more than $2,000 under the legislation, “slashing their tax bill in half.” The White House didn’t provide an analysis backing up the claim.
Trump invited several families to the White House to serve as real-life examples of the benefits of the plan. They thanked Trump and briefly explained how they would use the proceeds of a tax cut — home renovations, in at least two cases. The White House declined to provide any details on the families’ financial situation to support the president’s assertion that they would save money under the tax measure.
“It’s critically important for Congress to quickly pass these historic tax cuts,” Trump said. “If Congress sends me a bill before Christmas — this is breaking news — the IRS has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February.”
Republican leaders Mitch McConnell and Paul Ryan have spent the better part of a year working against the Trump agenda.
But now they have a deal to pass tax cuts that will boost the economy and stop the government from confiscating so much of the American people’s hard earned money.
Republicans struck a deal on a sweeping tax overhaul Wednesday, including steep corporate and individual rate cuts, and hope to have legislation on President Donald Trump’s desk by next week.
“The agreement includes a 37 percent top tax rate for individuals, Senate Majority Whip John Cornyn (R-Texas) said, lower than either the House or Senate called for earlier. The corporate tax rate would be 21 percent, higher than the 20 percent in each chamber’s separate legislation, and would start in 2018 instead of being delayed until 2019 as the Senate proposed.
“Pass-through” businesses that pay taxes through the individual side of the tax code would get a 20 percent deduction, and businesses would get to immediately write off investments for the next five years. The corporate alternative minimum tax, which business groups had fought hard to get squelched in a final deal, is out, sources said. The AMT for individuals is retained, though fewer people are expected to pay it as the exemption would be raised to $1 million for couples.
The estate tax, long a target for elimination by Republicans, would be kept, Cornyn said, though the exemption would be doubled.
The final legislation would also end Obamacare’s mandate that all Americans have health insurance or face a fine.
The Senate plans to take up the bill first, on Monday, with a final vote by the chamber on Tuesday.”
Americans elected Trump to rescue them from the high tax, big government regulatory scheme that Obama used to strangle economic growth.
And Trump is making good on his word.
The economy is growing at over three percent, consumer confidence is at its highest point in years, and unemployment is low.
Trump’s impending victory on tax cuts will serve to further speed up economic growth and improve the lives of the American people.