President Donald Trump’s tax cut is the first big win of his presidency

At last, at last, President Donald J Trump has a big win. After the humiliating failure of his attempt to re-re-reform American healthcare, he has now passed his enormous $1.5 trillion tax overhaul through Congress. It is his first significant legislative accomplishment and it is, as he would say, yuge. The Republican splits that emerged over the Obamacare repeal bill threatened to stop his tax plans too. In the end they didn’t.

Trump, keen to stress his own generosity, has called it a ‘an incredible Christmas gift for hard-working Americans’ — he’s even posted a little Christmas Tax Cuts video gif on Twitter — and no doubt, with the flush of the Yuletide spirit, lots of hard-working Americans will believe him. By no means all, though  — there remain deep concerns that Trump’s fiscal reform is primarily a measure that benefits the rich, not the ‘hard working Americans’ who voted for Trump last year because they were sick of a political system that seemed only to benefit the elites.