March 22 2018

Trump launches push for tax overhaul to boost middle class

March 22 2018, 04:07 | Van Peters

Trump launches push for tax overhaul to boost middle class

Trump launches push for tax overhaul to boost middle class

The speech is one of several the president is expected to deliver across the country in the coming weeks and months in a bid to shore up support for a Republican plan to reform the USA tax code.

Both Republicans like Schiff, who has changed his residency from CT to Puerto Rico to lower his tax burden, and Democrats were circumspect Wednesday over Trump's commitment to closing the loophole. And if she doesn't do it for you, you have got to vote her out of office, ' Trump said.

The president spoke at an event at Loren Cook Co., which manufactures fans, blowers and lab exhaust systems.

President Donald Trump is promising billions to help Texas rebuild from Harvey-caused epic flooding, but his Republican allies in the House are looking at cutting nearly $1 billion from disaster accounts to help finance the president's border wall.

In his Springfield speech, Trump also vowed to boost the American economy by freeing Americans companies of what he called an oppressive tax burden.

Trump said his vision for re-writing the tax system, a key campaign pledge, would unlock stronger economic growth and benefit companies and workers alike. Trump argued that the rest of the world subsequently lowering their tax rates demanded more corporate tax cuts in the United States.

"We are with you today, we are with you tomorrow and we will be with your every single day after", he said, noting that the victims were "people, people".

In their more reflective moments, Republicans may be troubled by what is happening in the White House.

Trump called the middle class "the forgotten people" who "know how to spend their own money".

The Trump administration released a one-page set of goals in April for its tax overhaul, followed by a joint statement in July with congressional leaders. We've made a decision if we travel with him anymore, this is the first time I've done it in a while, that we're going on the plane with him. In addition to the corporate tax rate, Republicans are split over whether the tax bill should be revenue neutral. Trump tells supporters, "I think Congress is going to make a comeback". The House GOP's blueprint, approved by House Speaker Paul Ryan (R-Wis.), proposed a 20% corporate tax rate. But initially Trump said he wanted to cut it down to 15%, from the current rate of 35%.

Still, the White House faces significant hurdles as lawmakers look to pass the legislative overhaul during a busy period in Congress this fall that includes deadlines to keep the government open and raise the debt ceiling. They were essential in getting House leadership to drop its plan to apply a border adjustment tax, which would have helped finance tax reform, but also would have taxed imported consumer goods.

Republicans understand that if the GOP can not deliver tax reform while the party controls the White House, Senate and House that would speak volumes about the party's ability to get things done. That means broadening the tax base, eliminating loopholes and deductions that favor the rich, and using the savings to lower rates for everyone.

The sense of urgency by Chairman Brady and the continued commitment by the Big Six to comprehensive tax reform certainly bode well for the prospect of real taxpayer relief in the near future.

Getting a major tax overhaul through Congress is hard in any given year - the last time was 1986 under President Reagan - and it looks increasingly hard this year.

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