Friday, 22 December 2017

USA President Trump signs the 'once in a generation', as per Republicans, "Tax cuts and jobs" bill into law

In Signing Sweeping Tax Bill, Trump Questions Whether He is Getting Enough Credit, https://www.nytimes.com/2017/12/22/us/politics/trump-tax-bill.html, 22nd Dec. 2017

This CNN link has a short video of Trump saying a few words explaining his decision to get it done before Christmas in this informal manner so as to keep his promise to the American people (instead of a formal ceremony a couple of weeks later): http://www.cnn.com/2017/12/22/politics/trump-sign-tax-bill-mar-a-lago/index.html

Hmm. That's it then. President Trump and team have ushered in great changes to USA tax policy which are being claimed by the Republicans as just the right medicine needed to boost USA economy and jobs but which are being savagely criticized by Democrats (and Democrat leaning Independents) as giveaways to the rich with little benefit to the middle class, with the increased debt possibility raising fears of near-future cuts into Social security, Medicare and Medicaid.

It seems to me that the coming months and years will tell us whether this new law succeeds or not in its stated objective of boosting USA economy and jobs without increasing the debt significantly. One point though is that the Republican election platform talked about tax cuts as the way to boost the economy and create jobs and increase wages. So, on this particular aspect of tax cuts, it seems to me that the Republicans did what they said they will do in their election campaign.

If I recall correctly, during the campaign Mr. Trump also said that he would protect Social Security, Medicare and Medicaid (or something on those lines). It remains to be seen whether he will be able to stick to this campaign promise.
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Another article on it: Trump signs major tax overhaul into law, https://www.politico.com/story/2017/12/22/trump-tax-bill-signing-314767, 22nd Dec. 2017

Please note that I have a PUBLICLY NEUTRAL informal-student-observer role in these posts that I put up about USA politics. Of course, as I am an Indian citizen living in India, there is no question of me having voted in USA elections.

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