Trump signs the new tax bill into law

The president calls the tax cuts a Christmas present to the middle class.
2:21 | 12/23/17

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Transcript for Trump signs the new tax bill into law
Next tonight, president trump in mar-a-lago hours after celebrating his first legislative victory. Signing that tax cut bill into law, surrounded by cameras in the oval office. President trump already looking at the next item on his agenda in the new year. ABC's David Wright. So this is the bill right here. And we're very proud of it. Reporter: This may be the most sweeping overhaul of the tax code in a generation. That's your bill. Reporter: But today's signing ceremony was a rush job. We did a rush job today. It's not fancy, but it's the oval office, it's the great oval office. Reporter: The president, like someone who can't wait to open his Christmas present. I was going to wait for a formal signing some time in early January, but then I watched the news this morning and they were all saying, will he keep his promise, will he sign it by Christmas? Will he sign it by Christmas? And I called downstairs and said get it ready, we have to sign it now. Reporter: Traditionally, the bill's strongest champions on capitol hill would get the pens used to sign it as a keepsake. Not today. Congressional leaders weren't even there. So, here you go, folks, you want the box with it or not? Reporter: So the president handed out the ceremonial pens out like stocking stuffers. He called the tax cuts a Christmas present to the middle class. And most Americans will see their taxes go down, but only temporarily. The biggest cuts will benefit corporations and those cuts are permanent. Reporter: President trump's real estate empire certainly stands to gain. But how much? Hard to tell. Mr president, are the American people ever going to see your tax returns? Reporter: Because the president still refuses to disclose what he pays. David Wright joins us now live. David, you were at the white house today. This new tax plan by far the president's biggest legislative achievement and one of the biggest days of his presidency. He mentioned today during the oval office he hopes to carry this momentum in the next year with the plan for infrastructure. That's right, Tom, he hopes to approach that issue with help of the Democrats. The Democrats have priorities of their own and both parties are going to be looking ahead to the midterms. The president promising to

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

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