The legislation extends Trump's 2017 multi-trillion dollar tax cuts and cuts Medicaid and food stamps by $1.2 trillion.

President Donald Trump signed the $4.5 trillion tax and cuts bill on Friday, which includes cutbacks to Medicaid.

The existing tax rates and brackets will become permanent under the bill, solidifying the tax cuts approved in Trump’s first term. NEW DEDUCTIONS: It temporarily will add new tax deductions on tip, ...