Finally, the US tax code is getting “fired”.
Living up to his campaign promises to change the tax code and grow the middle class, President Trump announced Wednesday a series of tax cuts. Along with the announcement of the tax cuts the President also outlined the new Republican tax plan that promises to see more Americans keep more of their money.
The title of the proposed tax reform is direct unapologizing: UNIFIED FRAMEWORK FOR FIXING OUR BROKEN TAX CODE.
See the details here from Fox News:
President Trump promised drastic tax cuts Wednesday as he touted Republicans’ newly unveiled tax reform plan, arguing the push to re-write the tax code would fuel “America’s economic comeback.”
“These tax cuts are significant,” the president said during a speech at the Farm Bureau Building in Indianapolis. “There’s never been tax cuts like we’re talking about.”
Republicans earlier Wednesday released the framework of their plan that was hammered out by House and Senate lawmakers in coordination with the Trump administration. Trump used his speech in Indiana, in part, to begin applying public pressure on lawmakers — especially Democrats — to get on board.
“Call your congressman. Call your senators,” Trump said. “Let them know you’re watching, let them know you’re waiting. Tell them that today is the day for decision. That now is the time to heal this self-inflicted economic wound.”
He added, “If you demand it, the politicians will listen.”
As part of his effort to woo the other side, Trump invited Indiana Democratic Sen. Joe Donnelly to fly with him on Air Force One. But the president also warned with a smile during the speech that if Donnelly doesn’t support the plan, “We will come here, we will campaign against him like you wouldn’t believe.”
The plan would simplify the tax system, cut rates and nearly double the standard deduction used by most Americans. Trump pitched it as the biggest tax cut in U.S. history.
“Over the next few months, the House and Senate will build on this framework and produce legislation that will deliver more jobs, higher pay and lower taxes for middle-class families, for the working man and woman, and for businesses of all sizes,” the president said.
The Democrats are sure to resist any change to the system that ultimately benefits them. House Minority Leader Nancy Pelosi, D-Cal is quoted as saying “Republicans’ tax framework is not tax reform, it is a framework that gives away the store to the wealthiest while sticking the middle class with the bill.” It’s the same rhetoric that has been falling on deaf ears as of late.
The president stated in his address “This is a once in a generation opportunity”. I couldn’t agree more. I can’t wait to see a new and simplified tax code that for once doesn’t lay the majority of the burden on the middle class. The new tax reform promises more jobs, fairer taxes, and best of all, bigger paychecks.