President Donald Trump signed a $20.5 billion tax reform bill into law Friday that will boost economic growth by as much as 8 percent and raise the country’s debt-to-GDP ratio from 120 percent to 125 percent.
Trump, who was sworn in on Friday, said he had already signed the bill into existence as the Republican tax plan passed by Congress in March and is expected to sign it into law as early as Monday.
The GOP tax bill, the Tax Cuts and Jobs Act, is expected in the Senate next week.
The bill will cut corporate taxes by as many as 20 percent, which is expected by some to help pay for its $1 trillion in spending cuts.
But the measure will also raise taxes on the middle class, which accounts for more than a third of federal income tax revenue.
Trump has touted the tax cuts, saying that their economic benefits are being felt across the country.
And he said on Twitter that he is confident that the bill will be signed into law before Congress leaves for a three-week recess.
The bill is designed to help spur the economy by reducing taxes for the wealthiest Americans, which the GOP believes will spur businesses to expand and create jobs.
It will also help reduce the burden of the nation’s debt on middle-class families and families that have little or no money in their checking accounts.
The Senate will begin debate on the bill on Monday.
Trump was elected in 2020 and is set to take office in January.
The president signed the tax bill into effect on Friday.
Democrats have opposed the bill, saying it is regressive and will leave the wealthiest people in the country with higher taxes.
The legislation also includes massive cuts to the Child Tax Credit, which was expanded in the House, and the deduction for state and local taxes.
Trump signed the House version of the bill earlier this week, which also included a $1.4 trillion tax cut for the wealthy.
Democrats in the GOP-led Congress said they would work with Democrats to get the bill passed in the Democratic-led Senate.
The measure has been criticized for the size of the cuts, which Republicans have said will only benefit the wealthy at the expense of everyone else.