01 September, 2017
He also outlined simplifying the tax code by removing special interest deductions, making tax returns fit on a single page; providing "tax relief for middle class families"; and making it less "punitive" for corporations to repatriate "trillions of dollars in wealth that's parked overseas".
In his bid to restore USA competitiveness in the global economy, President Donald Trump announced his proposals for tax reform before a crowd in Springfield, Missouri this week, arguing that the American people (and particularly American businesses) are overtaxed.
The President hammered Congress throughout his speech, referencing last month's failed Republican effort to repeal and replace Barack Obamacare and calling out Missouri Democratic Senator Claire McCaskill, who will be seeking her 3rd term next year.
President Trump closed by talking about the importance of cooperation and bipartisanship among Congress in supporting "pro-American tax reform".
TRT World's Tetiana Anderson has more on Trump's tax reforms. "And I don't want to be disappointed by Congress". Politico reports Trump said he wants to let Americans "take home as much of their money as possible". Trump tells supporters, "I think Congress is going to make a comeback".
Trump said his administration is embracing a new economic model.
There were four primary pillars to the tax reform plan President Trump spoke about.
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However, he believes the tax cut plan is a "50-50 proposition" due to the potential lack of collaboration from the democrats' side. "They are taking us, frankly, to the cleaners". To review, "they will keep their money and spend their money and buy our products, our factories will be moving again, companies will move back to the country and jobs will prosper".
Though the president isn't expected to be very specific, he will focus on changes that benefit working-class individuals, small-business owners and middle-income families, according to the White House official.
They also say they want the plan to be deficit neutral, which would force lawmakers to identify how they might make up for any lost tax revenue.
"We must reduce the tax burdens on our companies and our workers", he insisted.
Details reported in April include lowering the number of tax brackets down to three from seven and cutting the corporate tax rate to 15 percent.
However, the tax push is coming at a time when Congress is confronted with a massive workload in September.