Trump signed a $100 trillion tax cut package on Thursday, setting the stage for a major victory for his agenda as lawmakers prepare to take the first step toward a major tax overhaul in nearly four years.
Trump signed the legislation, the Tax Cuts and Jobs Act, as the House approved it and the Senate passed it late Thursday.
The legislation, which the president said was a “historic” and “historic tax cut,” includes $100.1 billion in new revenue, according to a statement from the White House.
It also extends the current 10-year tax cut for individuals and businesses through 2026, the White and Congressional Office of Management and Budget said in a joint statement.
Trump said in the statement that the measure will “lift Americans out of the grips of an unsustainable and unjust tax system that allows big businesses to move abroad and undercut small businesses that depend on our tax code to keep jobs here at home.”
“This tax reform is a win-win for families, workers, small businesses, and the American people,” the statement said.
“We have a tax code that is broken and needs to be fixed.”
The White House said the bill will provide a boost to the economy and bring back billions of dollars in tax revenues.
Trump has promised to pass a tax reform package within weeks and has not set a date.
In a statement Thursday, the Trump administration said it is committed to ensuring that tax reform passes.
It also said that “significant additional tax relief will be available to small businesses and to individuals.”
Trump said that the bill was not intended to be a giveaway to Wall Street or to corporations, but instead would allow businesses to bring back jobs, boost wages, and create more good-paying jobs for Americans.
The president has previously said that tax cuts for individuals are not his top priorities and that he would only focus on tax cuts that are in the “best interest of our country.”
“I will be focused on creating jobs, expanding the economy, and putting Americans back to work,” Trump said in February.
Trump told reporters that the tax cut will be a “major” boost for the economy.
“This is a massive, major tax cut.
We’re going to get a tremendous number of people back to the middle class, to working families.
We’ll have the largest tax cut of any president ever,” Trump told reporters at a news conference.
The Tax Cures and Jobs Tax Cut Act of 2017 will take effect in 2026.
It will add a new 10-cent tax on high-income earners.
The tax cut is one of Trump’s top legislative priorities as he tries to build a populist coalition for a tax overhaul.
The House approved the legislation on Wednesday and passed it in a party-line 234-205 vote.
The Senate approved the bill on Thursday and passed a similar version in the early hours of Friday morning.
The bill was originally scheduled to be voted on as early as Friday but the Senate agreed to delay it until Wednesday afternoon to make it easier for Republicans to move on to other priorities, including the tax cuts in the legislation.
The new legislation is the biggest tax cut in the history of the U.S. and will bring the country back into balance, said Sen. Jon Tester, D-Mont., the top Democrat on the Senate Finance Committee.