President Trump, "I Do Not Want to Be Disappointed" on Tax Reform

Treasury Secretary Steve Mnuchin points to a reporter to take a question during a news briefing at the White House REUTERS  Yuri GripasMore

We will lower taxes for middle-income Americans so they can keep more of their hard-earned paychecks, and they can do lots of things with those paychecks.

McCaskill issued a statement days before the visit saying she was optimistic that she would find "common ground" with President Trump in the area of tax reform. "The tax code is 55 times the size of the King James version of the bible".

Advocating a 15 percent corporate tax rate, and a slew of other reforms, Trump insisted "our self-destructive tax code cost millions of jobs, trillions of dollars, and billions of hours spent on compliance and paper work".

The President's speech which only briefly touched on policy details surely didn't mask the challenge he and a Republican Congress will face in ensuring a true overhaul of the tax code.

"This is our once in a generation opportunity to deliver real tax reform for everyday, hardworking Americans", Trump said.

"I don't want to be disappointed by Congress, do you understand?"

Trump pitched the plan as a populist reform for struggling Americans, claiming that billionaires such as himself will take a hit while lower-wage citizens prosper. "I hope so. I tell you what - the United States is counting on it".

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The speech comes four months after National Economic Council Director Gary Cohn and Treasury Secretary Steven Mnuchin gave reporters a one-page outline of Trump's tax plan. "Large corporations changed their business models by exporting jobs to other countries and then shipping their goods back to the United States, where they'd make massive profits, and they wouldn't be paying tax to us either".

However, a lack of specifics did not stop some Democrats from criticising Mr Trump's gamit, potentially already derailing the President's goal to "put the partisan posturing behind us".

So POTUS will be making numerous trips out into the country that elected him to round up support and pressure Congress to get along with the business of putting more money back into peoples' wallets and more jobs on the tax rolls. It eliminated dozens of loopholes and special interest tax breaks, reduced the number of tax brackets from fifteen to two, and lowered tax rates for both individuals and businesses. "And if she doesn't do it for you, you have to vote her out of office".

Some of the companies that have left the USA for Ireland might make the decision to come back, he said.

The Bureau of Labor Statistics revealed Thursday that the average American previous year paid more in taxes than he or she did on food or clothing. He called for a tax system that would minimise tax rates for businesses and provide a big boost to the middle class, Politico reports.

A 20 percentage point cut to the current 35% corporate tax rate has been the president's preference since April, however some lawmakers have argued it is impossible to slash the business rate that significantly without adding to the deficit. The administration has tasked the congressional committees in charge of taxes with formulating a detailed plan. That's an exaggeration. Trump repeatedly referred to the USA top nominal 35% rate, which is among the world's highest.