President Trump looks to frame tax reform debate Wednesday

Marie Harrington
August 31, 2017

President Donald Trump will kick off the Republican plan to reenact major changes to the USA tax code with a speech in Missouri Wednesday, in an effort to galvanize the American people behind one of his administration's chief legislative agendas.

According to Reuters, Trump name checked Ireland alongside France, Germany, Canada and Mexico as countries with a low corporate tax rate.

His administration is pushing for a simpler tax code and lower rates, but it has said it will leave the details of the proposal to Congress. The president framed the USA tax code problem in terms of competitiveness.

President Donald Trump says he wants to work with Republicans and Democrats alike to "bring back Main Street" by reducing the tax burden on companies and workers. But what will help is if President Trump and his surrogates keep their laser focus on jobs and also middle class pay.

The aide said the goal 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".

More news: What Matthew Stafford's deal means for Kirk Cousins

"There are a lot of potential pitfalls", said Scott Greenberg, an analyst at the Tax Foundation. There were many arguments for and against the tax, but the biggest selling point was that it would have raised $1.2 trillion over 10 years - and thus allowed Republicans to cut many taxes as part of their reform.

The current rate in the U.S. is 35%, but President Trump has pledged to reduce that to 15%. Cady added that a high corporate tax rate deters economic growth and job growth, reduces incentives to invest in the United States and pits small businesses against lobbyists seeking special subsidies for larger corporations. I am sorry to say that many years later things have not improved for many Americans. Pat Toomey, R-Pa., said "the president has gotten off-message too often and hasn't been able to be an effective spokesman for his own agenda".

"For tax reform to be permanent it must be bipartisan, and to be serious it must abandon the exhausted myth that tax cuts pay for themselves", said Rep. Steny Hoyer (D-Md.), the minority whip.

"I think Congress is going to make a comeback, I hope so", Trump continued, to cheers from the audience.

Shortly before Marine One lifted off from the South Lawn of the White House, news came that economic growth had reached Trump's target of three percent in the second quarter.

Other reports by TheSundaySentinel

Discuss This Article