One of them joining with some of this is al jazeera live from london also coming up whether vote against us will save a lot. We dont care resident trump threatens to cut Financial Aid to countries voting for Un Resolution against his decision to recognize to resume as israels capital. Polands president signs into law a controversial judicial reform is despite a threat from the e. U. To suspend his countrys polluting. Zimbabwes new president makes fixing the economy his number one priority in the state of the nation speech. Though they are very warm welcome to the program we begin in the United States where president dont trump is due to speak to his huge lead just lots of victory which will live for the biggest overhaul of the u. S. Tax system in thirty years earlier the u. S. House of representatives gave the one point five trillion dollar tax reform bill its final approval when i was passed a president to be signed into law republicans have praised the bill which will repeal pots it
Will take we dont know if the president will take questions, but his recent predecessors have usually held a prechristmas News Conference to talk about the years achievements. Marriage garrett is on the south lawn wait Major Garrett is on the south lawn waiting. Reporter welcome to a warm afternoon here in december on the south lawn. You can see republicans behind me republicans in the house and senate, the combined leadership of the two chambers of Congress Awaiting the president s arrival. Here is the president of the United States. [ music ] ladies and gentlemen, the president of the United States accompanied by the Vice President , the speaker of the house, and the Senate Majority leader. [ applause ] [ music ] it will be interesting to see what sort of questions the president takes beyond the tax bill, which is the largest tax overhaul since 1986, 1. 5 trillion in total, providing a great deal of tax relief to everyone, including businesses. In the past, president ial predecessors
Or so. Round two of celebrations in washington. In a moment the president takes lis victory lap for tax cuts he is calling so large, so meaningful. Republicans gathering at the white house after being bused in from capitol hill. Passing the bill a second time because of an awkward procedural fumble and ready to call this a win. Democrats say todays gavel strike will haunt republicans come 2018. What is in this bill . Corporations will see a dramatic permanent tax cut, individuals could see cuts, but those will expire in 2025. Those of you who benefit from a deduction on state and local, income or sales tax otherwise known at s. A. L. T. , get ready for a significant cap on that deduction and this bill ends obamacare cares individual mandate meaning in the next ten years well see millions more uninsured americans and higher premiums. Lets start, though, at the white house with nbc news peter alexander. I understand this is salve to start. What were looking at right now . Reporter hearin
It will be an Incredible Christmas gift for hardworking americans. I said i wanted to have it done before christmas. We got it done. The legislation cuts the Corporate Tax rate from 35 to 21 . Nearly doubles the standard deduction, the amount of income taxfree for 12,000 for single people, 24,000 for married couples. The top tax rate drops from 39. 6 to 37 . The Child Tax Credit doubles to 2,000. The plan would also repeal the Affordable Care acts individual mandate but not until 2019. State and local Tax Deductions are capped now at 10,000. This is where people in high tax states take a hit. In fact, 12 republicans in the house voted against the measure, most of them for those states. Among them, the republican congressman from new york, peter king. He talks about it in the last hour. Well hear more from him and the rest coming up. Largely this new tax bill is a huge benefit to the rich and to corporations. By the time this bill the law itself has matured for many income and low incom