Trump sticking to tax reform plan, despite criticism

Posted August 31, 2017

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.

Senate Minority Leader Chuck Schumer says President Donald Trump's tax plan should not include tax cuts for the wealthiest 1 percent of Americans.

The Trump administration has pushed for months that the plan would aim to bring down taxes for all while closing loopholes, but Trump's speech will have a decidedly populist tone.

The president's two top advisers on tax reform will be with him at the speech: Treasury Secretary Steven Mnuchin and White House economic adviser Gary Cohn, who are helping to guide the tax reform debate on Capitol Hill. There is still disagreement, for example, on how significantly to decrease the corporate tax rate and whether to make the legislation revenue neutral. "Over the past 30 years, the average business tax rate among developed nations fell from 45 percent to less than 24 percent in some countries have an unbelievably low tax, including, by the way, China, and some others that are highly competitive and really doing very well against us".

"I don't want to be disappointed by Congress", Trump said in Springfield, Mo. "There aren't going to be policy-specific details within it", the official said.

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. "That would cause investment to flow overseas, and that would reduce the capital which workers in the United States have, so it should reduce wages". "Dem opposed to big tax cuts", he posted.

Trump envisions a corporate tax rate dropping from 35 percent, now the highest in the industrialized world, to around 15 percent.

"Anybody I forget?" Trump said, before moving on with his speech.

But since the administration released that outline, it agreed to give the reins on tax reform to Congress - working with leaders as part of the "Group of Six" to come up with a single Republican tax reform plan that leaders hope will earn broad support in Congress.

The economy has been bright spot for Trump's troubled presidency, with unemployment rates falling and growth rates reaching their fastest clip in over two years.