The most radical overhaul of the US tax code in a generation is now the law of the land.

On Friday morning, US President Donald Trump signed the long-awaited legislation containing $1.5tn in tax cuts that Republicans say will energise the US economy.

After the bill cleared Congress earlier this week, Mr Trump said in a statement: “I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting.”

However, the bill has not come without its controversies, as some critics have derided it as a corporate hand-out.

The bill signing was hastily announced on Friday morning, before Mr Trump is due to depart for Florida. Mr Trump said that after seeing that “every one of the (news) networks said, ‘Will he keep his promise?’”, he ordered the bill to be prepared for his signature today.

“Corporations are literally going wild,” he said, according to the pool report from the Oval Office. He also described it as “a bill for the middle class and a bill for jobs.”

He also gave the presidential seal of approval to other legislation, including a short-term funding bill to keep the government running through January 19.

Photo credit: Reuters

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