08/31/2017

Trump Pushes Congress to Pass Tax Cuts

He claims a key to tax reform is to bring the corporate tax rate down to 15 percent

On Wednesday, President Donald Trump called on Congress to pass sweeping tax cuts that he vowed would “bring back Main Street” and create more jobs and higher wages for all Americans.

Speaking at a manufacturing company in Springfield, Missouri, Trump laid out few specifics as to how he wants to overhaul the tax code, but said it’s vitally important that the tax code be simpler and fairer to ordinary Americans.

“That means getting rid of the loopholes and complexity that primarily benefit the wealthiest Americans and special interests,” Trump said. “The tax code is now a massive source of complexity and frustration for tens of millions of Americans.”

Trump said another key to tax reform is to “ideally” bring down the corporate tax rate from 35 percent to 15 percent. “We cannot restore our wealth if we continue to put our businesses at such a tremendous disadvantage,” Trump said. “We must reduce the tax rate on American businesses so they keep jobs in America, create jobs in America and compete for workers right here in America.”

With Congress set to return from recess after Labor Day, Trump attempted to apply some pressure on lawmakers to move quickly on tax reform, saying Americans are counting on Congress to “make a comeback” and get things done.

Following Trump’s speech, Ways and Means Committee Chairman Kevin Brady (R-TX) said he was “encouraged” by the president’s remarks and is ready to work with the White House to deliver on this important legislative priority this year.

The ranking Democrat on the Ways and Means Committee, Rep. Richard Neal (D-MA), said it would have been nice to hear some specifics from the president on how he thinks the tax code could be modernized to benefit middle-class families.

Trump’s speech “underscores the fundamental problems Republicans are facing when it comes to tax reform: they’re trying to do it alone, seemingly can’t agree on any specific policies, and time and again continue to resort to vague, decades-old talking points – like the President did today – instead of taking bold action.”

This article was provided to OSAE by The Power of A and ASAE's Inroads.