President Trump visited the Heritage Foundation Monday night to promote his tax reform plan, promising Americans it’s their “chance to unleash a middle-class miracle.”
“Let’s give our country the best Christmas present of all: massive tax relief,” he said, encouraging citizens to urge their representatives in Congress to support his plan.
Trump outlined the key components: the first $24,000 for married couples tax-exempt, a simplified tax filing process so “families will be able to file their taxes on a single sheet of paper,” a reduction in business taxes, and policies that will encourage the repatriation of an estimated $3 trillion that’s now sitting overseas.
“So this money can come back home to America,” he said. “Believe me, we can use it in this country.”
Trump and the GOP have made overhauling the tax code one of their highest priorities for the rest of this year.
The president already has delivered a series of speeches on the plan and repeatedly has focused on features he believes will get the attention of the middle class.
Critics allege the benefits will actually go to businesses, but economists point out it is businesses that create jobs.
Ed Feulner, president of the foundation, commented: “Congress has a once-in-a-generation opportunity to deliver sweeping, pro-growth tax reform for the American people.”
Trump said his bullet points will double the zero bracket, raise the child tax credit for working families and remove the “self-inflicted wound” of very high tax rates for business.
His plan would set the corporate tax rate at “not more than 20 percent,” far below the current 35 percent.
It also would “allow our companies to expense the full cost of new equipment in the year they buy it” and end “the horrible and very unfair estate tax as also known as the death tax.”
Overall, he said, the changes could give “the typical American family” the equivalent of a $4,000 annual raise.
For those who call their members of Congress, he said, “Don’t give ’em a hard time.”
But he said he needs help to give the nation tax relief for Christmas.
He cited issues he’s already been addressing: the border wars, chain migration, cooperation with other nations, a military that is effective against ISIS, pulling out of “one-sided deals” that don’t benefit America, the fight against terrorism and the need for Constitution-faithful judges.
“We’re going to be saying ‘Merry Christmas’ again,” he said.
Marc Short, the president’s legislative affairs director, wants the work done by the end of the year.
“We need to turn this economy around,” he told “Fox & Friends.” “It’s begun to turn under the president’s leadership and rolling back the regulatory state.”