President Trump traveled to Missouri on Wednesday to launch his tax-reform campaign. Before the presidential election, Mr. Trump pledged to rewrite the tax code which he said was unfair to the middle class and made America uncompetitive on the global stage.
The president highlighted the four basic principles behind his reform when he addressed his supporters at a factory in Springfield.
First, the president emphasized that the country needed a tax code that was “simple, fair, and easy to understand.” In his view, the various loopholes and overall complexity of the current tax code need to be eliminated since they mainly serve wealthy Americans and the special interests.
Mr. Trump then reiterated that the nation badly needed a competitive tax code in order to spur job creation and leave more money in workers’ pockets.
“It’s time to give American workers the pay raise that they’ve been looking for for many, many years,” the president told his audience.
Mr. Trump also stressed that tax relief aimed at middle-class families was the third pillar of his tax-reform proposal. He rightly pointed out that middle-class Americans had been the “forgotten people” for too long but promised that the tide would soon turn in their favor.
The president’s fourth and final objective is to encourage companies to repatriate the vast sums of money currently “parked” abroad so that this cash can be invested domestically and reduce unemployment even further.
“[…] we want to bring back trillions of dollars in wealth parked overseas. Because of our high tax rate and horrible, outdated bureaucratic rules, large companies that do business overseas will often park their profits offshore to avoid paying a high U.S. tax,” Mr. Trump stressed.
“We can return trillions and trillions of dollars to our economy and spur billions of dollars in new investments in our struggling communities and throughout our nation. It’s time to invest in our country to rebuild our communities and to hire our great American workers,” the president added.
Research conducted by Capital Economics this year showed that over $2.5 trillion in overseas earnings were invested in tax shelters abroad because the United States has the highest corporate tax rate in the world. The president would like to slash the punitive rate from the current 35 percent to 15 percent.
Mr. Trump also stressed that he did not wish to be disappointed by Congress this time round and even told his audience that he hoped Missouri’s Democratic Senator Claire McCaskill would support his proposal and do what is right for American workers.
“We must lower our taxes. And your senator, Claire McCaskill, she must do this for you. And if she doesn’t do it for you, you have to vote her out of office,” he told his supporters.Share