Trump's focus on jobs could give him a tax reform win

Aug 31, 2017, 01:35
Trump's focus on jobs could give him a tax reform win

"That was below the average rate for developed countries at the time", Trump said.

That changed Wednesday as Trump's tax-reform speech, which was light on details but made a strong case for tax reform, kept going back to promises that cutting business taxes and simplifying the tax code would lead to more job creation for the middle class.

"Trickle-down economics didn't work in 2001 and 2003 and it won't work now", he said.

The tax cut would be part of four main goals Trump said should be included in a tax overhaul: simplifying the tax code, making it more competitive with tax regimes in other countries, providing tax relief for middle-class families and encouraging US companies to bring back trillions of dollars in profits "parked overseas".

Trump's plan was light on details, but centered around four ideas: simplifying the tax code, cutting corporate taxes, giving tax relief to middle-class families and repatriating trillions of dollars now parked overseas. Treasury Secretary Steven Mnuchin initially set the end of August as a timetable for passage of tax reform efforts and, in April, the administration released several topline numbers of its proposal. "And if she doesn't do it for you, you have to vote her out of office", Trump said to applause.

"We need a tax cut depending on how it's structured, said one man".

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Frustrated with the Republicans' failure to get an ObamaCare repeal bill to his desk, Trump applied a bit of additional pressure ahead of the tax debate. "And I am fully committed to working with Congress to get this job done". "And I don't want to be disappointed by Congress". Corporate America needs a tax cut to be competitive with the world.

In response to a question about the White House's reportedly evolving preferences, White House Assistant Press Secretary Natalie Strom told ABC News via email: "The NYT reporting was based on their sources and we don't confirm speculation".

Republicans are hoping to pass a 2018 budget resolution that includes special procedural language allowing GOP leaders to move a tax-reform bill through the Senate with just a simple majority - a move that would erase the Democrats' filibuster powers.

Slashing corporate rates was one of four broad points Trump made during the address, though he didn't provide detail for any of them.

Those goals included cutting the current number of tax brackets by more than half, eliminating "most tax breaks" that benefit "high-income" earners and lowering the tax rate for businesses.

"What we heard today, however, was little more than the same old supply side hocus pocus".

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