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Trump Promises 'Giant Tax Cut' and Money in Pockets by February

• https://www.bloomberg.com

President Donald Trump promised everyday Americans a "giant tax cut for Christmas" in a speech that the White House billed as his closing argument for a tax overhaul that congressional Republicans finished negotiating on Wednesday.

"When I say giant, I mean giant," Trump said in a televised speech from the White House. "As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages and massive tax relief for American families and for American companies."

Trump said that a "typical" family of four earning $75,000 would see a tax cut of more than $2,000 under the legislation, "slashing their tax bill in half." The White House didn't provide an analysis backing up the claim.

Trump invited several families to the White House to serve as real-life examples of the benefits of the plan. They thanked Trump and briefly explained how they would use the proceeds of a tax cut -- home renovations, in at least two cases. The White House declined to provide any details on the families' financial situation to support the president's assertion that they would save money under the tax measure.

"It's critically important for Congress to quickly pass these historic tax cuts," Trump said. "If Congress sends me a bill before Christmas -- this is breaking news -- the IRS has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February."

Republican lawmakers reached a deal in principle on the legislation earlier on Wednesday, a person familiar with the matter said. But the bill's advance is clouded by the result of the Senate special election in Alabama, where Trump suffered an embarrassment on Tuesday after the candidate he backed, Republican Roy Moore, lost to a Democrat.

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