President Trump Set to Release Tax Reform Plan


President Donald Trump speaks during a meeting with President Sauli Niinistö of Finland at the White House on August

President Donald Trump on Wednesday delivered his opening pitch on tax reform, framing the effort in populist terms by saying Republican plans to overhaul the tax code would be a boon for lower- and middle-class Americans.

Trump will speak about tax reform at the Loren Cook Company, which makes ventilation equipment. In practice, though, most of Bush's tax cuts ended up being permanent: Congress extended them rather than hit people with tax increases.

Trump has in the past proposed cutting the corporate tax rate from 35 percent to 15 percent. If it's not significantly lower relative to other countries, it's unlikely to be very competitive, muting its potential to boost investment and the US economy. The meeting follows a recess that has seen Trump lambast several top Republicans, especially Senate Majority Leader Mitch McConnell, R-Ky., after the collapse of the GOP health care bill in his chamber.

"They are taking us, frankly, to the cleaners", Trump added.

"If lawmakers truly wanted to create good jobs and look out for the middle class", Essig concluded, "they would not peddle policies that would redistribute wealth upward via the tax code". The speech will likely make the case that comprehensive tax reform is necessary, not simply sufficient, to improving the economy and lives of each and every American citizen.

Trump as a candidate, president-elect and president has advocated for ending what he called a rigged tax system, including the special interest loophole; reducing the "crushing" tax burden; restoring the United States' competitive advantage internationally; and bringing the country to a 3 percent growth rate.

The White House has since abandoned that promise; it said last week that details will be up to the tax-writing committees in the Senate and the House.

He said "one by one we're fixing it".

The sharp criticism from Democrats is an early indication that, despite Trump's entreaties for support from both parties, his version of tax reform remains highly partisan - and faces a tough road through an exceedingly polarized Congress. "That was below the average rate for developed countries at the time", Trump said. "Stand up, honey", Trump said as the audience cheered.

"Anybody I forgot?" Trump asked, before continuing with his speech.

The president pressured McCaskill on Twitter and during his speech to get on board with his reform plans.

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