Trump to celebrate passage of tax bill, a big political win

WASHINGTON – President Trump plans to celebrate passage of a historic tax bill Wednesday while attacking perceived opponents – congressional Democrats and the news media. 

“The Tax Cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, the defeated Dems, and only demean,” Trump said in a morning tweet. “This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!”

The Tax Cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, the defeated Dems, and only demean. This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!

— Donald J. Trump (@realDonaldTrump) December 20, 2017

Trump is expected to discuss the tax bill at a morning Cabinet meeting, and host a mid-afternoon “bill passage event” at the White House.

House and Senate Republicans will be invited to help proclaim victory for the tax bill, the first major piece of congressional legislation of the 11-month-old Trump presidency. 

Having failed to repeal and replace President Obama’s health care law, Trump and the Republican-run Congress are looking to trumpet passage of the major tax overhaul. 

Down the line, the White House will schedule a formal signing ceremony of the tax cut bill that includes changes to the health care law.

“This is not a signing event as the bill would still need to be enrolled and that will happen at a later date,” White House Press Secretary Sarah Sanders said in a statement. “We will keep you posted on details as they are confirmed.”

More: Tax cuts: Economists see modest impact on workers, economy as corporate taxes fall

More: How does the final tax bill compare with what Trump requested this spring?

The Republican-run Senate passed the tax bill in the early morning hours of Wednesday. The House, which voted in favor of the plan Tuesday, is expected to ratify minor changes to the bill in a Wednesday morning re-vote.

In a post-midnight tweet, Trump praised Senate passage of the tax bill and said he would hold a “news conference” in the afternoon.

The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.

— Donald J. Trump (@realDonaldTrump) December 20, 2017

It’s uncertain whether Trump will take questions at the afternoon “bill passage” event.

The president and GOP allies hope success on taxes will lead to wins on a 2018 domestic agenda that includes an infrastructure plan and welfare reform as well another attempt to repeal and replace Obamacare. 

The tax bill includes one key health care provision: Eliminating the individual mandate that requires Americans to purchase some form of health insurance.

Critics said the refusal by some to buy insurance will raise the costs for everybody else. The Congressional Budget Office says the change will lead to 13 million fewer people having health insurance 10 years from now.

The tax cuts total nearly $1.5 trillion over the next decade. For workers, the bill expands some deductions while cutting or eliminating others and bringing tax rates down. 

Despite Trump’s optimism about the economic growth the tax cut will create, the nonpartisan scorekeeper in Congress said the bill would cut revenues by $1.5 trillion over the next 10 years, but only raise one-third of that in new growth. The national debt, according to the Congressional Budget Office, is estimated to increase by $1 trillion if the bill passes. 

Democrats have also warned that the tax relief benefits favors the rich, and that the loss of deductions will actually raise taxes for people in some high-tax states. They also say that laws designed to curb the deficit will be triggered and could force cuts to Social Security and Medicare.

Contributing: Herb Jackson

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