SPECIAL REPORT: President Trump signs tax bill into law

The measure, known as the Tax Cuts and Jobs Act, is being hailed by the GOP as the biggest legislative achievement for Trump and congressional Republicans.
3:00 | 12/22/17

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Transcript for SPECIAL REPORT: President Trump signs tax bill into law
This is he. Letter. You Mitch McConnell. Separately to Paul Ryan authorizing that having to do what missile defense. Okay. Very important. So that's being done today and that's going to be sent out. And then what I watched the news you know we had the largest. Tax cuts in our history. Just approved. And I was gonna wait for formal signing sometime in early January but then I watch the news this morning and they were all safe. Will he keep his promise will he cited by Christmas. You'll but will he sign it. By Christmas and I called downstairs has to get it ready we have decided now we're gonna wait till. January 7 the rape and do a big formal ceremony but. Every one of the networks was saying really keep his promise will he cited. For Christmas before Christmas. So I immediately called I said let's get it ready as you know. 3.2 trillion dollars in tax cuts for American families including the doubling of the standard deduction and the doubling. Be child tax credit. The typical family of four earning 75000 dollars 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 numbers will speak one of the big things that happened you have some great. Companies I want to thank you AT&T who actually was the first out of the box. And Boeing and Sinclair Wells Fargo and Comcast even though they own NBC which is not so nice did. The presidency of the president. But Comcast also. Today. All have made tremendous contributions to their employees. And tremendous contributions to spending money in this country because of the tax bill. And they also and it's because of the tax bills so they're making tremendous investments that means jobs. Means a lot of things and we're very happy so that's AT indeed Boeing Sinclair Wells Fargo Comcast. And now many other companies are usually affect just this morning received three more companies. Came on friend of mine Bob Kraft. Called me last night he said this tax bill is incredible. He owns a New England Patriots but he's in the paper business to. And he said based on this tax bill he just wanted to let me know that. He's going to buy a big plant. In the great state of North Carolina. And he's going to build a tremendous paper mill there or paper products plant. And I've had many calls such as that live people that are entrepreneurs people of this is that going out and they're going to behind. Frankly factories that are closed abandoned. And now they're not going to be abandoned enable us having. And even bigger impact faster than I thought. 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. They get certain confidence in me they figured we're gonna get first but they have already started. Something very important to me the 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 what 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 expensing Bob Kraft mentioned that last night in his telephone call me. The fact that they can expensed to when your expenses is a fantastic asset. Historical small business tax cuts and passengers now are. Made really really good for the business owners know their hiring people I see it. On television I'm reading about it all over where people are hiring a lot of people right now to go to work. These small businesses tax cut and the passes without really incentivizing people. We're going to bring back probably four trillion dollars from overseas. And nobody knows the exact number but its message that'll be over three trip data could be factored in but it's a tremendous amount of money that was caught overseas. That the bureaucracy plus the tax laws didn't allow it to reasonably be brought back into our country. So we think at least four trillion dollars is going to be. Brought back. And if you look at that it's going to be brought back right the coast. This is something that Republicans wanted for years and Democrats wondered for years and yet it never got done. Who would object to trillions of dollars being brought back into our country nobody. But it never got that now it's being done. And the bottom line is this is the biggest tax cuts and reform in the history of our country this is bigger than actually president Reagan's. Many years ago. I'm very honored by it addition we have Renoir. We're opening up and war for drilling they've tried to get that for forty years they've tried to get that even during the Reagan administration they could never get it. That alone would be a big bill if that ever happened but that's even part of this. It we have of course the individual mandate. Which is. A very unfair and very popular provision as you know it obamacare. Essentially I think it ultimately leads to the end of obamacare it's essentially I think obamacare is. Is over because of that it would come up with something that's really going to be very good with the individual meant it was very unfair. Because you're basically saying pay for something in order not to have to get help kids who get paid. Your pain not to have to have felt it was very unfair. Many people thought it should have been no return to the Supreme Court didn't quite make it almost that in quite make it but now we're overturning the individual mandate most unpopular thing and obamacare. Very very. So this is the bills right here. We're very proud of it it's. Going to be a tremendous thing for the American people it's going to be fantastic for the economy. It's going to keep companies from leaving. Our shores and opening up. In other countries. They are very dis incentivized. To do that they is not a latter but not a lot of data sets to do that you do that end. I don't think you're going to be running the company very well. So what's happening is we're going to sized businesses say. Little picture of a it fits nicely in the box I should take it out of the box 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. And jobs are produced through companies and corporations and you see that happening corporations are. Literally going wild over this I think even beyond my expectations so far beyond my expectations. So I'll sign this today rather than having a very big formal ceremony and two weeks when we were going to do it because. I didn't like you folks to say that I wasn't keeping my Brothers I'm keeping my Brothers and citing 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. At just to conclude. A country is doing very well we've tremendously cut regulations. Legislative approvals. For which have given no credit in the mainstream media we have I believe it's 88. Which is number one in the history of our country second now is Harry Truman Harry Truman had more legislative approvals than any other president. Add a record long help. And we beat him on legislative approvals which I get Doug that a lot of people saying he needed this because he has had. No legislative of troubles. Well if you look at VA accountability act and so many other bills having to do with the VA having to do with the military having to do what many things. We have more legislative. Victories. Than any other president not including this but this is the cap or because this is again. The biggest tax cut biggest reform. Hubble. So it's an honor to have. You with us and we will sign this right mrs. So they're very proud of great for our country great for the American people thank you all. So we won't do the whole thing but this is basically what it. And I want to thank. Some people. Oh in particular that. Aren't here because again we expected a formal ceremony in two weeks. But Mitch McConnell has been fantastic. Works so hard. We would speak at 3 in the morning and doing the morning and we would speak whenever we had escaped but. He worked so hard in the exact same thing can be said for Paul Ryan. They are. Very proud of this and we're already seeing the results and as I said long before long ahead of schedule. Paul Ryan Mitch McConnell thank you very much Orrin hatch the chairman. Made it beautiful speech. The other day in front of the White House absolutely brilliant beautiful speech and we appreciated it and I appreciated it hard working. Kevin Brady he I don't think he slept. Months it's almost like that's only did was this Mike Enzi senator and his. Diane black. Rob Portman the group of rot Rob Portman. Rob worked so hard so knowledgeable on the subject. Pat Toomey likewise Tim Scott likewise. John do likewise these people worked so hard and I don't know that given the proper credit. And the whole sad when I say the so that. Unfortunately the Republicans in this. Democrats don't like tax cuts they want to raise your taxes they don't want to lower your taxes. They want to raise your taxes and they wanted to spend money foolishly on things that we. We don't need in me case so. We're cutting taxes would taking care of our military. And we're taking care of people. And we're really doing their job would job so these folks have been. So fantastic that a had a column and plenty of others believing Republicans. In the house and Republicans in the senate have been. Incredible so this is what we we we had it it was all set to go sooners I got back from. Christmas where we'll be working men fired up there working very hard during that Christmas because we have many things we've talked about including North Korea. Including. Lot of things happening in the Middle East as you know. We've made tremendous strides obviously in Syria with prices were taken back virtually all of Kallis made all the polling. Same thing in Iraq and were making tremendous strides sort of the unwritten. Story right now but since my speech on Afghanistan were making tremendous progress tremendous strides. We've opened it up and and it's a whole different world and Afghanistan activated that. So I'll be working very hard over the holidays. Again I want to wish you a very Merry Christmas I have some beautiful hands over here. And because all of these folks are. I they're continuing to work. Down the road or getting ready to leave and I'm sure they'll be working very hard also. I think I'm probably just hand some of them to the press does the media would any of the media like any abilities Catholic guys. But I think will do that so we have them. Many of you at work very hard. Many of you have worked very very fairly and we really appreciate that so he got stops you want the box where that are not. I'm old. I have to travel too much to sell it I think it's selling itself it's becoming very popular. But I think you don't really you'll see something on February 1 when they open up the paycheck that's what you gonna start to see it because by signing it now. It kicks in for this year remember if we didn't make a certain day. It wouldn't begin until next yet meeting the following year. Nineteen and I wasn't happy with that. So we worked very very hard to make sure it was vision even language originally said the corporate would you get in the game but we didn't do that reads. We haven't you given up but we had a side so. I don't think we're gonna have to do much selling I think the corporations at a giving billions and billions of dollars awaited their workers and many more coming. I think that's really what's selling this may be better than anybody could including myself. But I did come February when they opened their checks and they seem well. What happened that a lot more money in here. I think that's really going to be something very special. So have a great holiday folks on the view folks take I didn't particularly like the boom alters that was so nice to be the other day right. And they hit a cameraman. And a cameraman. Okay. I think the Democrats will really regret the Democrats already regret it. You know they have been typical Vegas for the red state no that's not true and they've been called out on a buying the media actually but the Democrats very much regret it. They wanted to be a part of it just doesn't work out but I really do believe a night. Said on social media today I read I really do believe we're going to have a lot of bipartisan. Work done. And maybe we start with infrastructure. Because I really believe infrastructure to be bipartisan we spent seven trillion dollars. In the Middle East not to mention all of the lives and all of the heartache and it's so sad seven trillion dollars. It's time for us to rebuild our country. Thank you very much yeah. Thank you know. We have good. Utley will wanted to get infrastructure infrastructure is the easiest of all. We're very well and our way we've essentially repeal obamacare. You know the individual mandate is a very big factor in this bill frankly a lot of people don't talk about it because the tax cuts so what. But infrastructures by far the easiest people want it Republicans and Democrats who could have tremendous Democrats supported and infrastructures you know. I could've started with infrastructure I actually wanted to save the easy one for the one down the road so we'll be having that done pretty well. Thank you all very much I appreciate. Thank you very much. Scott. You know nothing ever really I learn. They'll be here. The people of the house. The people of the senate both Republicans and Democrats. When I came in I didn't know too many has very politically active but I didn't implementing. I think the fact that I've become friends with so many of the names that I just read off and so many of the senators. So many of these congressmen and women I think that's a huge factor can call anybody now I know every one of a very well. And I understand the legislation. So you know it's been a process with a great for us is really beautiful but I I do believe. I do believe that the fact. That I have gotten to know so many of these people and many of these people have to say. Not say no I'm saying many of these people are great people that truly loved. This country so I think that helps and I think you'll see that did this lives. Thank you'll very much. Thank you very much. We've just been watching may be one of the most in. Horton moment so far in this presidency president trump signing that tax. Build the one point five trillion tax overhaul complete rewrite all of our system. A law that will now likely affect every single taxpayer across America this was moments ago. Inside the Oval Office the president says he woke up this morning and city sir to watch. The news and he was wondering if he was gonna sign this bill before Christmas as he promised he says. Reporters were asking that question he decided to do this at the last minute and sign this bill he spoke for about twenty minutes inside the Oval Office touting. How great this bill was how it was gonna cut the taxes for all Americans Democrats point out of course this war. Cut taxes more for the wealthy and for big business that it will from the middle class and lower income families. The president also giving spirit giving some pens out to his friends in the media who he's had some choice words for. Throughout the year but he also said that this. New law is very popular polls are showing a different story we're bring in Mary Bruce. Who's at the white house press this morning and Mary you've been tracking all the developments through congress on this bill and throughout this presidency. And right now this this building is now the law it hasn't been popular with American so far. It Tom this bill is deeply unpopular but Republicans insist that it will be once Americans start to feel the impact of this bill in their wallet you heard the president there insist that they're not have to go out and sell this bill he's confident that the results will speak for themselves but there's no questions that Republicans have a long road to go here as they try to turn this legislative went into a big political win especially. Heading into its when he eighteen in those mid terms not only is the bill unpopular but it's also. Predicted to add quite a lot to the deficit more than a trillion dollars and of course. As you mentioned experts caution that while Republicans insist the benefits will go to the middle class. It appears from from a lot of these analyses that though the ultra rich may ultimately benefit most but Republicans I've talked with they know they have to get out out there and sell this plan. They have to make sure that Americans as they start to see. Some of these changes that that they attribute that to Republicans as they try to get a legislative win here looking to the weeks and months ahead some Americans could begin. To see some more money in their pockets starting in February when less money is withheld from their paychecks but for most of the impacts of this build those won't be felt until 2019. When you go to file those 2018 tax returns Tom. Mary so they also noticed he wanted to make it a point sort of build bridges with senator Mitch McConnell and speaker Paul Ryan. He's had at times a rocky relationship with members of his own party. And it was really rough. At the beginning of his presidency earlier this year when he was trying to pass Health Care Reform yet now taking this victory lap clearly this is a huge legislative victory. For Republicans. For the president. This no doubt will become an issue something the want to campaign on go into the midterm elections. Absolutely a rocking to say the least the relationship. Between the president and Republican leaders up on the hill has been quite fraught over. The first year of this presidency but but but no signs of that. This week. As you were called as a couple days ago there was quite a back slapping victory lap here at the White House the president Republican leaders all coming together because this is a huge legislative accomplishment not just. For the top administration but for Republican leaders as well as they are now coming together trying to convince the American people that they have done the right thing you're that this bill. Will ultimately good for them as you mentioned it did affect him. Nearly every single American most Americans will get a tax cut here at least at first and that is the message we're going to hear Republicans hammering. Both here in Washington and out on the campaign trail heading into this I'm. Today at the White House and a major day. For all of America all right Mary Bruce thank you so much we will be following this story all day. On abcnews.com. And of course I'll see you later on world news tonight and will make sure to break down the tax plan how it affects all Americans they're different. Classes the economic classes and the political fallout and what the president possibly stands to gain with this tax plan. We now want to return to war regular programming which for viewers on the West Coast of course is Good Morning America we thank you so much for watching. This has been a special. For meetings.

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

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