Trump: current tax code ‘a giant, self-inflicted economic wound’


President Trump traveled to Mandan, North Dakota on Wednesday to promote his tax reform that will boost investment, job creations and the nation’s GDP. Mr. Trump described the tax code his administration had inherited as “a giant, self-inflicted economic wound.”

“Our painful tax system has become a massive barrier to America’s economic comeback. It really is. We’re penalized. It costs us millions of American jobs, trillions of dollars and billions of hours wasted on paperwork and on compliance,” the president told his audience at the city’s Andeavor Refinery.

Mr. Trump also wished to hit back at his critics who claim that his administration’s proposals will only benefit the rich.

As he explained, the White House is currently working with lawmakers to put together a proposal that will benefit America as a whole and create jobs, raise salaries, and reduce the tax burden.

“It’s not only business taxes. It’s middle-income families. It’s families at every level,” the president stressed before adding that his tax plan represented “a sharp reversal from the failed policy of the past.”

With regard to the country’s corporate tax, Mr. Trump said that the current system encouraged American companies to resettle overseas because they were penalized domestically. The president has made it clear that he wishes to slash the punitive corporate tax rate from 35 percent to 15 percent.

“My administration strongly rejects this offshoring model and we’ve embraced a new model. It’s called the American model,” he said to applause before elaborating further.

“Under the American model, we’re reducing the burdens of our businesses…as long as they do business in our country. We want our companies to hire and grow in America, to raise wages for American workers, and to help rebuild our American cities and towns. That is how we will all succeed and grow together as one team, one people, and one American family,” Mr. Trump added.

As he did when he traveled to Missouri a week ago, the president also urged voters to punish members of Congress who failed to support the much-needed tax cuts he had put on the table.

“Anybody that is going to vote against tax cuts and tax reforms […] you got to vote against them and get them out of office because it’s so bad,” he emphasized.

The president told his supporters that more details would emerge in the next few weeks as the talks between his team and lawmakers progressed.