Pres. Trump proposes tax code reform in visit to Springfield

01 September, 2017, 01:45 | Author: Gregory Stephens
  • Springfield Police Department

Tax reform, said Grover Norquist, president of Americans for Tax Reform, "allows him to connect with the American people on an issue that most Americans get".

Washington D.C. [U.S.A], Aug 31: United States President Donald Trump said that his government is planning to overhaul the tax reforms, which would prove to be beneficial for lower- and middle-class Americans.

President Donald Trump discussed tax reform Wednesday in a speech at the Loren Cook Company in Springfield, Mo. "I've talked in a lot of my town halls about my support for simplifying the tax code by cleaning out loopholes and goodies for special interests, and lowering the corporate tax rate".

"It's time to give American workers the pay raise that they've been looking for for many, many years", Trump said in explaining his desire to slash the corporate tax rate to 15 percent, down from the current statutory rate of 35 percent.

Tax reform, he said, is "Pro growth, pro jobs, pro work and pro American".

"I don't want to be disappointed by Congress, do you understand? I hope so...the United States is counting on it", Trump said, specifically calling out U.S. Sen. "I am fully committed to working with Congress to get this job done".

Trump set out four tax reform principles: simplicity, a competitive tax code, tax relief for the middle class and worldwide corporate tax reform. So we must-we have no choice-we must lower our taxes.

He further offered that his tax overhaul plan would bring back trillions of dollars in wealth that large companies are now parking overseas due to the United States' high tax rate and "horrible bureaucratic rules".

However, he believes the tax cut plan is a "50-50 proposition" due to the potential lack of collaboration from the democrats' side.

However, a lack of specifics did not stop some Democrats from criticising Mr Trump's gamit, potentially already derailing the President's goal to "put the partisan posturing behind us".

Large companies keeping profits overseas do so to keep from paying high American taxes, Trump said.

Like it or not, at this point, Trump is only a bit player on tax reform.

Congressman Richard Neal, D-Springfield, however, questioned Trump's pledge to help middle class Americans, as well as his commitment to bipartisanship.

"But it would make us highly competitive".

Last week, in an interview with The Financial Times, National Economic Director Gary Cohn delivered a similar message, hinting the administration can only take ideas so far and then it is up to Congress.

Republicans hope to achieve tax reform by the end of the year.

"She must do this for you, and if she doesn't do it for you, you have to vote. Her. Out. Of".


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