Triumphant Trump celebrates tax win

Triumphant Trump celebrates tax win, by AP.

A triumphant President Donald Trump and jubilant fellow Republicans celebrated the passage of their $1.5 trillion tax overhaul Wednesday as a “historic victory for the American people.” …

“We are making America great again,” Trump declared, personally thanking his “little team” of Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan, before lawmakers lavished praise upon a president they have often openly criticized. …

The tax package provides a deep cut in the corporate rate, from 35 percent to 21 percent. On the individual side, about 80 percent of American households will get tax cuts next year, while about 5 percent will pay more, according to the nonpartisan Tax Policy Center.

People who make less than $25,000 will see an average tax cut of $60; those who earn between $49,000 and $86,000 will get about $900, and those in the top 1 percent of income — earning more than $733,000 — will receive around $51,000 in tax savings, the policy center said.

The cuts will come at a price: The Congressional Budget Office predicts the legislation will add $1.4 trillion to the national debt over the next decade.

Andy Surabian, a senior aide for a pro-Trump super PAC, likened the president’s position to that of Ronald Reagan, who struggled through low approval ratings early in his presidential term after Congress passed a tax cut that led to huge Republican losses in the 1982 midterm elections. Reagan went on to a sweeping re-election in 1984 after the economy improved.

Said Surabian: “Even if we don’t start seeing positive effects in 2018, the important thing here is President Trump sets himself up to win re-election in 2020.” …

Only about 1 in 3 voters have supported the legislation in recent days, according to several polls. About half of Americans believe the plan will hurt their personal finances. …

While it does not repeal the law known as “Obamacare,” the legislation finalized by the House on Wednesday attacks a central tenet of the health care system by eliminating the requirement that all Americans have health insurance. The Congressional Budget Office says elimination of the “individual mandate” will boost health care costs by about 10 percent for those with coverage and leave 13 million additional Americans without health insurance in 10 years. …

“We have essentially repealed Obamacare,” the president declared. …

Trump said Wednesday the bill will spur economic growth as corporations, flush with cash, increase wages and hire more workers.