Smart Takes on Trump's Tax Speech

01 September, 2017, 02:10 | Author: Chad Mckenzie
  • Donald Trump’s poll numbers are on the decline

His big push is for cutting the US corporate tax rate, which he called "the highest in the world".

The president said the U.S. needs a tax code that is simple, fair and easy to understand and that eliminates legal loopholes and the complexities of the current tax system, but he did not provide any details about how he intends to achieve it.

Still, Trump made plain the broad outlines of his vision for overhauling the tax code: a combination of deep cuts for businesses large and small as well as investors and the wealthiest, along with reductions for middle-class people, only partially paid for by eliminating some deductions and boosting economic growth.

"We will endure and we will overcome", he said.

Bartlett points out that the Tax Reform Act of 1986, the most recent update to the federal tax code, took 2 1/2 years to get through Congress.

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President Donald Trump warned Congress he did not want to be "disappointed" by it on tax reform during a speech in Missouri on Wednesday.

Administration officials say Trump may argue that reducing business taxes will profit many American corporations as well as millions of workers.

Trump added, "Our factories will be moving again, jobs are going to prosper and our country is going to be just like it says on that attractive red hat - "Make America Great Again", and that's what we're going to do". Is that what the American people voted for in 2016? And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the USA tax base.

He told the audience that the countries that have low business tax rates have an advantage over the United States. R-Calif., is the Majority Leader of the U.S. House of Representatives.

McCaskill issued a statement days before the visit saying she was optimistic that she would find "common ground" with President Trump in the area of tax reform. Or did they want jobs?

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While Republicans, who control both houses of Congress, tend to share Trump's desire to lower taxes, those problems could complicate his effort to turn campaign promises into law.

Speaking at a manufacturing company in Springfield, Missouri, Trump called on Democrats to join his tax overhaul effort but offered few specifics.

President Trump started off his speech addressing the Houston flooding. President Trump acknowledged that "90% of Americans need professional help to do their taxes", and herein emphasized the importance of a simpler, easier to understand the tax code.

The so-called "Big Six" expected the legislation for tax reform to move through the tax-writing committees this fall, followed by consideration on the House and Senate floors.

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