Trump says tax overhaul will 'bring back Main Street'

Springfield Police Department Releases Statement About the President's Visit
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31 August, 2017

Speaking at the Loren Cook Company factory, Trump promised a tax reform plan that would lead businesses to bring millions of jobs back to the U.S.

The form of these middle-class tax cuts has changed over time.

Democrats have said they will not support a tax proposal that offers relief for the very wealthy.

For instance, the administration has not stated publicly what will be the precise scope of Trump's tax reforms. Unfortunately, the debate has not fully begun and the issue has already been politicized with opponents claiming that tax reform will only help big business and top earners in our country.

White House officials said that the president wanted to strike a serious tone and highlight a manufacturing business, rather than hold a large campaign-style rally.

They also say they want the plan to be deficit neutral, which would force lawmakers to identify how they might make up for any lost tax revenue.

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"They are taking us, frankly, to the cleaners", Trump added. The White House is inviting both Republican and Democratic leadership in Congress - Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Paul Ryan and House Minority Leader Nancy Pelosi - to meet with Trump Wednesday morning to discuss tax reform.

During an interview with The Financial Times on Friday, National Economic Director Gary Cohn said Trump's agenda "is going to completely revolve around tax reform" moving forward.

As Trump tries to sell tax cuts to corporations and rich estates as helping the middle class, this is the image you'll want to keep in mind.

Arguments why a corporate tax cut won't help - and may even hurt - the middle class: US corporate profits today are very high and corporations are already sitting on almost $2 trillion in cash here and overseas. The tax code hasn't seen a large-scale reform in three decades.

But since the administration released that outline, it agreed to give the reins on tax reform to Congress - working with leaders as part of the "Group of Six" to come up with a single Republican tax reform plan that leaders hope will earn broad support in Congress. The GOP also intends to eliminate the death and estate taxes and to slash the corporate tax rate "as low as possible".

"I would like a tax cut but I really don't think we (as a country) can afford to do that, right now", she said.


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