President Donald Trump has approved a $20 billion tax cut package that would reduce corporate taxes for the first time since 1985.
The $20.5 billion package was unveiled in the Oval Office last week, marking a major legislative achievement for Mr. Trump, who has said the tax relief would help spur job creation and boost the economy.
The package would eliminate the estate tax, which Mr. Obama signed into law in 2010.
It also would eliminate all state and local taxes.
The tax cuts are part of a package of tax relief that Mr. Bush signed into federal law in 2009.
The president’s approval marks the first major legislative victory for Mr and Mrs. Trump as they try to win over the working-class white voters who have been pivotal to Mr. and Mrs .
Trump’s presidential campaign.
Mr. Reagan, who signed the tax cuts into law, also signed the first tax cut in the United States since he took office in 1981.
He signed the 1986 tax cut that led to a surge in economic growth and the recession of 1986-87.
Both presidents were seen as the frontrunners to win the White House in 2020.
The deal to help the middle class, which included $1.9 trillion in tax relief, also was part of the administration’s strategy to help pass the tax bill into law.
The new tax cut would expire at the end of 2019.
It would have cost about $8 trillion over the next 10 years, the White Senate Office of Management and Budget said.
The Senate passed the bill by a 52-48 margin, with Republican support, and the House passed it by a 227-186 vote.
Republicans are also expected to vote on a $2.5 trillion measure to help companies and workers who are laid off, which is expected to pass.
It is not clear how the president will make the tax cut permanent.
Mr Trump’s approval comes after the White Houses chief of staff, John Kelly, warned that the tax package would not pass in the Senate.
The White House said Mr. Kelly’s comments were not a criticism of the president, but were meant to reflect his assessment that the package would likely not be approved in the House and that Mr Trump was open to supporting the package.
The administration has repeatedly said that the bill would boost the nation’s economy.
But the House is expected today to pass a bill that would cut taxes on corporations and wealthy Americans by $1,000 for everyone, as long as they pay taxes on the same earnings as middle-class families.
That bill is expected next week to pass the House with the support of Mr. McConnell, Mr. Ryan and many Democrats.
Republicans have said that a vote for the bill next week in the Republican-controlled Senate is unlikely.
Mr Ryan told CNN’s Christiane Amanpour on Sunday that the House GOP has been working to pass tax legislation this week, but “this bill doesn’t get done.”
The president has made tax cuts the centerpiece of his first 100 days in office, signing a sweeping rewrite of the nations tax code and making sweeping changes to how corporations are taxed.
The GOP plan would raise the top rate on corporate income from 35 percent to 39.6 percent and lower the corporate tax rate from 39.8 percent to 15 percent.
The plan would reduce the top corporate tax to 15.9 percent from 20 percent.
Republicans also would slash deductions for mortgage interest, charitable contributions, state and municipal taxes and charitable contributions for state and city employees.
Democrats are not expected to support the tax plan in the GOP-controlled House.
The House passed the Senate version of the bill last week with the help of Vice President Mike Pence and Vice President Joe Biden.
Democrats said the legislation was more regressive than the House plan.
The Tax Foundation, a nonpartisan research group that favors lower corporate taxes, estimated the tax reform would cost the federal government $4.2 trillion over 10 years.
The bill would reduce taxes on individuals by $2,200 per year for married couples filing jointly, $1 the next year for single filers and $3 per year in 2019 for married filing separately.
The nonpartisan Tax Policy Center estimated the bill, which the administration said it would vote on as soon as Monday, would reduce economic growth by $19 trillion over a decade.
The Joint Committee on Taxation, a liberal-leaning group that has endorsed the tax legislation, said in a report last week that the legislation would raise about $1 trillion over ten years and add $1 in interest payments to the federal debt.
Democrats have also argued that the Senate plan would give a big boost to the wealthy and corporations, who are benefiting from the tax break.
The legislation would extend the child tax credit for parents who have children under age 26.
The measure would also give a $200 credit to parents of a child with autism.
The credit would be available to parents with incomes of up