President Trump speaks to a crowd in Missouri about his tax reform plans and his confidence that Congress will pass “pro-American tax reform”.
President Trump began the speech by speaking about the hurricane and its effects on Texas. He spoke to the recovery efforts by first responders, saying they were “absolutely heroic”, and that “they represent the very best of America”. He also shared thoughts and prayers with those suffering from the destruction of the storm.
The speech on tax reform began with Trump speaking about plans for the “legendary” Route 66, with the aim to bring back Main Street. He described Route 66 as “a vital artery of commerce where truck drivers would bring made in America goods”.
In terms of tax reform, Trump said he planned on working with Congress to bring forth a “tax code that is pro-growth, pro-worker, and pro-American.” He emphasized his hope in Congress, saying “I think Congress is going to make a comeback”, to laughs in the audience. He also briefly spoke about the success his administration had already had in terms of GDP growth, citing a report that claimed a 2% increase in GDP from a few months ago.
Four primary pillars to the tax reform plan
There were four primary pillars to the tax reform plan President Trump spoke about. The first is to “drastically simplify the tax code”, in an effort to make it easier for most Americans to understand. President Trump acknowledged that “90% of Americans need professional help to do their taxes”, and herein emphasized the importance of a simpler, easier to understand the tax code.
The second was introducing “a competitive tax rate that creates more jobs and higher wages for American workers”. In this regard he was speaking to the importance of tax cuts, specifically for businesses, to propagate economic activity. According to the pool report, “POTUS said the tax rate on companies is too high, which hinders competition, and he wants to drop the rate to 15%.”
Next, President Trump spoke about lowering taxes for middle-class families. He said, “they’ve been the forgotten people, but they’re not forgotten anymore, I’ll tell you that,” and said how lowering taxes for the middle class will increase their spending. He mentioned the affordability of childcare specifically and said that it was a cause particularly important to his daughter, Ivanka Trump.
The last facet was regarding bringing back business investment and activities overseas. This focus was largely in terms of the “trillions of dollars in wealth that’s parked overseas”, and the large companies that execute their business activities overseas rather than in the U.S.
President Trump closed by talking about the importance of cooperation and bipartisanship among Congress in supporting “pro-American tax reform.” He then thanked the crowd, Mnuchin, Ross, McMahon, Sen. Roy, Blunt, and Missouri Gov. Greitens.