Trump says he will fix 'massive trade deficit' between USA and Ireland
- Author: Rogelio Becker Aug 31, 2017,
Aug 31, 2017, 1:00
Slashing corporate rates was one of four broad points Trump made during the address, though he didn't provide detail for any of them.
The owner, Loren Cook II, says that could be why the President chose the plant to speak about the nation's tax reform.
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.
Tax reform efforts have been overshadowed by news about Hurricane Harvey, as well as Trump's controversies involving the pardon of former Maricopa County, Ariz., Sheriff Joe Arpaio, an alleged feud with Senate Majority Leader Mitch McConnell, R-Ky., and comments about violence in Charlottesville, Va.
Harvey aid is a fresh addition to an agenda already packed with must-do tasks and multiple legislative deadlines: Passing a stopgap spending bill to avert a government shutdown; increasing the government's borrowing authority to prevent a market-quaking default on US obligations; and paving the way for a GOP rewrite of the USA tax code. He said former President Ronald Reagan led the world by cutting corporate tax rates in the 1980's, boosting the USA economy in the process.
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. "And those tax giveaways will be paid for by cuts to Social Security, healthcare, education, and other programs that maintain living standards for working families". "Everyone thought that was a monumental thing that happened".
The new plan will resemble the Bush-era legislation, as well, by including many tax cuts that come with expiration dates. "I hope so. I tell you what, the United States is counting on it".
"We must, we have no choice, we must lower our taxes". The idea is this: the more tax companies pay, the fewer jobs they create and the lower their wages.
Campaign politics also hovered over the visit, as displayed by Trump's shot at McCaskill - an endangered Democrat up for re-election next year.
Republicans had been thinking about a tax reform on par with the last big one.
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". "Congress should accept that challenge and craft a bipartisan plan that makes real reductions in what government demands from our wallets". "Stand up, honey", Trump said as the audience cheered.