President Trump signs tax bill into law before leaving for holidays

President Donald Trump signed the $1.5 trillion rewrite of the tax code into law at the White House on Friday capping off a victory lap before leaving to spend the holidays in Mar-a-Lago.
2:31 | 12/22/17

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Transcript for President Trump signs tax bill into law before leaving for holidays
He typical family of four earning 75000000. Receive income tax cut of more than 2000 dollars. Many much higher than that slashing their tax bill in half. And they're gonna start to see that because we're signing today. They're gonna start to see that in February the corporate tax rate as you know we'll be lowered from 35 to 21%. That means that more products will be made. In the USA. A lot of things are going to be happening in the USA we're gonna bring back our companies that they've already started coming back. Baghdad certain confidence in me they figured we're gonna get this done but they have already started. Something very important to me these family farmers. And small business owners who lost their business because of the estate tax most of them won't have any estate tax to pay. It will be. The great thing for their families you can leave your farm your family you can leave your business your small business your family not even so small. The numbers are pretty big here. So they'll be exempt from having to pay estate tax which will be tremendous help keep their farms and their businesses in the family. Businesses will be able to deduct 100%. Of the cost of their capital investments in the year the investment is made that's called expensing. And to do one year expensing I think is going to be one of the biggest things in the bill frankly I think people are gonna go out and absolutely go wild over expensive we're going to side businesses safe. Little picture of a it fits nicely in the process should take it out of the bust because people have to sit. At all of this everything in here. Is really. Tremendous things for businesses. What people for the middle class workers. And I consider this very much a bill for the middle class at a bill for jobs I'm keeping my Brothers and signing it before Christmas. I said that the bill would be on my desk before Christmas. And you are holding me literally do that so we did a rush job today it's not fancy but it's the Oval Office. It's a great Oval Office. So we won't do the whole thing but this is basically what it. If you bill.

This transcript has been automatically generated and may not be 100% accurate.

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