A New Tax Law

On December 22, President Donald Trump signed a new tax bill into law. It is the biggest change to U.S. tax law since 1986. He signed the bill in the Oval Office. He said the bill is “something I’m very proud of.”

The tax plan is Trump’s first big legislative × legislation SAMUEL CORUM/ ANADOLU AGENCY/GETTY IMAGES a set of laws created by the government (noun) Congress just passed new tax legislation. achievement since taking office in January 2017. The Senate approved the bill in a vote of 51 to 48, on December 20. The House of Representatives passed the bill 224 to 201. No Democrats in Congress voted to approve the bill.

“This is change that is going to put our country on the right path,” said Paul Ryan. He is the Speaker of the House.

The new law gives big tax cuts to corporations × corporation ADAM BERRY/GETTY IMAGES a large business (noun) Amazon is a large corporation that sells things online. . Republicans say that businesses should pay less in taxes. That way, they will invest × invest CHIANCHAI PUNDEJ/EYEEM/ GETTY IMAGES to spend money, time, or energy in the hopes of getting more back at a later time (verb) My uncle invests his money by purchasing stock. in new equipment and hire more workers. Republicans say this will improve the nation’s economy.

Critics say the law benefits mainly the wealthy. It is “simply theft—monumental, brazen × brazen LUCIDIO STUDIO INC./GETTY IMAGES bold; defiant (adjective) Even though my mom said we couldn't, my brother brazenly took a cookie out of the cookie jar. theft from the American middle class,” said Nancy Pelosi. She is the House minority leader.

But the president is hopeful about the new law. “It’s going to be a tremendous thing for the American people,” he said.