President Donald Trump has signed a bill that would slash taxes for most Americans, and it’s now in his hands.
Here are some of the highlights of the bill.1.
The President’s tax cuts are already in place2.
Trump’s tax relief will only benefit wealthy Americans3.
Only a handful of millionaires will benefit4.
The bill would eliminate the estate tax5.
Only wealthy Americans will benefit6.
The tax cut is only for those earning $10 million or more7.
The plan doesn’t cut taxes for the middle class8.
The cut in the tax rates will be phased in over three years9.
The cost to the federal government will be minimal10.
Trump will pay for the cost of the tax cuts with a $1 trillion in infrastructure investment that won’t come until 201911.
A portion of the $1.5 trillion is already earmarked for highways and transit, while the rest of the money is being earmarked to help pay for Trump’s promised border wall.12.
It will cost the government $5 billion more than the president originally said.13.
The new tax rates for the top 1% will be 35% for individuals and $75,000 for married couples for couples earning $1 million or less.14.
The House version of the plan would cut taxes by $10,000 on married couples earning more than $1,000,000.
The Senate bill would increase those rates by $3,000 and $15,000 respectively.15.
The two chambers of Congress will be unable to agree on whether to include an extension of the child tax credit, or whether to keep it in place.
The nonpartisan Joint Committee on Taxation estimates that the tax credits would raise $20 billion over 10 years.16.
The proposal does not include a $10 billion increase in child tax credits for those who file jointly, as was promised.17.
The $1 billion in infrastructure spending will be paid for by a $200 billion infrastructure loan guarantee program, and the money will be repaid to taxpayers over 20 years.18.
The measure does not provide a way to reduce the federal debt by reducing or delaying entitlement payments.19.
It does not reduce the deficit.20.
The American Health Care Act would save the U.S. federal government $8 billion a year by 2020 and $5.6 billion by 2022.21.
The president’s proposed infrastructure spending would cost $2.5 billion annually, and that is the projected total cost of his proposed plan.22.
The White House estimated the plan will save $3 billion annually over 10 to 15 years from the Department of Veterans Affairs, which serves more than 40 million veterans.23.
The estimated $4.5-billion increase in federal spending from the proposed Medicare and Medicaid programs is not included in the final bill.24.
The Trump administration is also proposing to spend $6 billion a month for 10 years to expand the National Security Education Program, which provides military and civilian students with hands-on instruction on national security issues.25.
The proposed $4 billion in annual funding for the National Guard is not factored in.26.
Trump is also pledging to spend more than 1 million acres of land, but only to protect the national parks and monuments that he wants to preserve.27.
The administration says the $4-billion in federal land protection is “not subject to sequestration” and therefore can be used for other purposes.28.
The U.N. climate change agreement will expire in 2021.
The legislation also includes a provision that allows states to delay the implementation of their own climate change policies.29.
The Republican-led House passed the legislation on a voice vote.
The President signed the bill into law Monday.