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President Trump: We Need Tax Code That's Simple, Fair & Easy to Understand

01 September, 2017, 01:32 | Author: Kristen Ingram
  • Donald Trump

It appears unlikely Democrats will support the eventual Republican tax reform plan, which Trump is scheduled to hammer out with lawmakers next week.

In terms of tax reform, Trump said he planned on working with Congress to bring forth a "tax code that is pro-growth, pro-worker, and pro-American".

Trump has had McCaskill in his sights, just days ago tweeting that a Republican "will win" the election there because McCaskill is "opposed to big tax cuts".

Calling for the corporate tax rate to be cut to 15 percent, Trump said, "Foreign companies have more than a 60 percent tax advantage over American companies".

To deal with Democrats' - and others' - doubts about his plan, the president intends to meet with congressional leaders of both parties next Wednesday at the White House, legislative sources confirmed to Efe news.

"In recent years, millions of Americans have watched that prosperity slip away in the rear-view mirror", President Trump said. "I'm fully committed to work with Congress to get this job done, and I don't want to be disappointed by Congress". "In a way-and I've been saying this for a long time-they've been sort of the forgotten people, but they're not forgotten any longer".

Trump pitched the plan as a populist reform for struggling Americans, claiming that billionaires such as himself will take a hit while lower-wage citizens prosper.

Donald Trump once said he could shoot someone on Fifth Avenue and his supporters would still love him. "We can not restore our wealth if we continue to put our business at such a tremendous disadvantage".

Reports are Trump is hoping to bring down taxes for all while closing loopholes.

He spoke to four principals to his ideas for tax reform. But during Wednesday's speech on tax reform, the president seemed passionate about taking care of rich business owners.

"It won't hurt the country, at all, because people will spend more, also", one worker said.

And finally, Trump said the US must bring back trillions of dollars in wealth that is trapped overseas to avoid a high corporate tax rate.

Trump may ultimately be forced to abandon broad reform in favor of more modest, and temporary, tax relief.

They also would pare repatriation taxes so companies can "return trillions and trillions of dollars to our economy". "This is our opportunity to deliver real tax reform for Americans".

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