Trump To Kick Off First Major Tax Reform Effort In 30 Years

Donald Trump FEMA

President Donald Trump's Missouri speech will be the first in what is expected to be a heavy push by the White House to get the Republican Congress to pass a tax package.

"In 1986, Ronald Reagan led the world by cutting our corporate tax rate to 34 percent".

But an administration official said Trump's speech in the Midwest state would make the case for why America needs tax reform, rather than the nitty gritty of what he wants to change.

He'll speak at a manufacturing company in Springfield. While the broad, sweeping principles upon which tax reform will be based have been set by the White House and Republican leadership, the details have yet to be fine-tuned. "So ending the rigged system, a big part of that is restoring fairness by streamlining the tax code and closing those special interest tax deductions and loopholes, which ultimately is going to allow us to bring rates down for everybody".

Trump owes his November election victory partly to his ability to get working-class Americans to support a range of business policy positions, including his call for slashing the US corporate tax rate to 15 percent from 35 percent.

President Donald Trump is pushing for tax code that is simple, fair and easy to understand. Trump will meet with congressional leaders to hammer out those details on Tuesday, a White House official said.

"Our baseline forecast continues to pencil in a modest, temporary, deficit-financed tax cut to be passed in 2Q2018 through the reconciliation process, avoiding the need to attract 60 votes in the Senate".

Democrats wasted no time on Wednesday hammering President Trump's proposed tax reform, saying the plan is merely created to benefit the wealthy at the sacrifice of everyone else. She will be under pressure to break with her party and back Mr. Trump's plan, if he can sell it to voters in Missouri and across the country. US business leaders are urging action among Republicans to level the competitive playing field for American companies through a tax code overhaul.

The aide said the objective of the speech was for the president to speak to the American people about "why tax reform and relief is needed to unrig the system and jumpstart our economy".

"President Trump has challenged Congress to reduce the burden on the American worker and to build an economy that rewards honest work", Hawley wrote.

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