New campaign: Trump touts 4-point tax reform plan
- Author: Rogelio Becker Sep 01, 2017,
Sep 01, 2017, 1:48
"We will lower taxes on middle income Americans, so they can keep more of their hard-earned paychecks", he said. This was a major campaign pledge that remains short on detail and a long way from becoming law.
President Donald Trump outlined his goals for comprehensive tax reform Wednesday ahead of what is expected to be a tough policy fight.
US President Donald Trump says he wants to bring US corporate tax rates closer to Irish levels.
TRT World's Tetiana Anderson has more on Trump's tax reforms.
"In recent years, millions of Americans have watched that prosperity slip away in the rear-view mirror", President Trump said.
In a statement on Saturday, Ms McCaskill had said she was "looking forward to working with" Mr Trump on tax reform.
"I don't want to be disappointed by Congress, do you understand?" Trump said the wealth parked overseas totals $3 trillion to $5 trillion, higher than the $2.6 trillion figure usually cited for corporate profits sitting "offshore".
Trump said his administration is embracing a new economic model.
"If President Trump's previous tax plans are any indication, the wealthy and big corporations will be the ultimate victor at the expense of the middle class".
"We're here today to launch our plans to bring back Main Street by reducing the crushing tax burden on our companies and on our workers", he added.
Currently, the USA corporate tax rate is 35% and reducing it by 20% would encourage existing United States businesses in Ireland to relocate and this would affect Ireland in later life as they would also miss out on future expansion.
Trump challenged members of Congress by saying that the United States is counting on them to support his tax initiative.
Dramatically simplify the tax code because, Trump said, 90% of Americans need professional tax help.
He also said the tax rate on companies is too high.
Trump, meanwhile, said he'd ideally like to lower the corporate tax rate from 35 percent to 15 percent - a rate which he argued would make the U.S. "And if she doesn't do it for you, you have to vote her out of office".
It's not clear whether Congress has enough time to debate and pass the tax reform legislation by the end of this year, as lawmakers also have to pass legislation to fund the federal government and raise the debt ceiling in the coming months.
Last week, in an interview with The Financial Times, National Economic Director Gary Cohn delivered a similar message, hinting the administration can only take ideas so far and then it is up to Congress.
If tax cuts are not offset by spending cuts or other tax increases, the USA deficit will rise.