Donald Trump signed his tax overhaul into law on Friday.

Trump tweeted the legislation, which he says is “historic,” was “fair and balanced,” and is “a win for American families.”

The Republican president told supporters on the White House lawn that the bill “will benefit millions of hardworking families across the country.”

Here are five takeaways from the signing ceremony.


Tax cuts for the rich will grow even bigger The bill is “not a massive tax cut,” according to the nonpartisan Tax Policy Center.

But for every $1 the bill raises in tax revenue, the wealthy will see their tax bills rise by $2,000.

That means the bill will boost their taxes by $1,200.


It will raise taxes on the middle class The bill will raise the tax rates for millions of working families.

The tax cuts for those at the top will add $1 million per family for the average worker, and they’ll add another $1 trillion to the deficit.

This means that for every dollar the bill increases in the federal deficit, the wealthiest 10% of households will see a tax increase of $1 in their taxes.


The bill also includes a provision that lets individuals and businesses deduct the cost of their insurance premiums.

For many families, this will be a huge boost, as insurers will likely begin offering higher-deductible plans.

But the bill also gives the middle classes a big break, which will make deductibles much lower for those with more income.


It expands child care subsidies The bill allows parents to deduct up to $1 from their child care costs.

This allows families to save up to up to 30% of their child’s college costs.


It lets families deduct the costs of child care.

For some, this is a big deal.

Many parents may decide to take on extra childcare costs if their child has to be at college or university for a certain amount of time.

In the past, employers were able to deduct childcare costs for employees who earned less than $60,000 a year, but the cost was much higher for families earning more than $100,000, which often means that parents have to shell out hundreds of dollars to take care of their kids.

5 Ways Trump’s Tax Reform Is Working On Thursday, the nonpartisan Congressional Budget Office released its long-awaited analysis of Trump’s tax reform.

In a statement, CBO Director Doug Elmendorf said the bill would lead to a net reduction of $4 trillion over 10 years.

“By repealing this law, Congress can begin to restore fairness to our tax system and put an end to the tax cuts that the wealthy enjoy at the expense of middle-class families,” Elmendorff said.

He noted that Trump’s bill was also a big boost to the economy, as the tax cut is expected to boost economic growth by an average of 3.7% a year.

The president is expected later on Friday to sign another bill that includes a big tax cut for the middle-income earners.

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