President Donald Trump signed a massive tax reform bill on Wednesday, ending a nearly three-year struggle to get a tax bill through Congress.
The bill would eliminate a range of deductions and taxes, but would also raise taxes on most Americans.
Trump is the first president to sign a bill this year.
The tax plan passed the Senate on Tuesday night with a simple majority of 51 votes, and it now heads to Trump’s desk.
Trump called the legislation a “historic day for our country.”
He said it “represents the culmination of nearly three years of hard work by hardworking Americans.”
The bill also includes $1.5 trillion in new spending, including $1 trillion to fund schools, a $100 billion boost to Medicaid, $100 million to help middle-class families buy their first home and a $2.5 billion increase to infrastructure and infrastructure projects.
In a statement, Trump said the bill is “an historic day for the American people.”
“We’ve been asking for this since day one,” he said.
Trump and House Speaker Paul Ryan, R-Wis., have worked to craft a plan that has included major changes to the tax code. “
We are grateful for the contributions of our fellow citizens who put their own lives on hold to help us pass this legislation.”
Trump and House Speaker Paul Ryan, R-Wis., have worked to craft a plan that has included major changes to the tax code.
Trump has said the plan is needed to give more tax breaks to corporations and the wealthy, while cutting taxes on the middle class and those earning between $50,000 and $200,000.
Trump also called for a 25 percent tax rate for everyone making less than $250,000, a new 15 percent tax on individuals making more than $200 (plus a $200 credit for childless adults), and a tax cut for individuals making $250 million or more.