The Tax-Reform Challenge

Posted August 31, 2017

President Donald Trump will kick off the Republican plan to reenact major changes to the USA tax code with a speech in Missouri Wednesday, in an effort to galvanize the American people behind one of his administration's chief legislative agendas.

The president will not offer a detailed plan to overhaul the tax code or cut tax rates, the officials said, saying the speech in Springfield, Missouri, will focus on "why" not "how".

Instead of providing details that could help build support, the president will largely rely on the same talking points he and his advisers have highlighted since January: The middle class deserves a tax cut and businesses need changes to help them compete with global rivals.

The White House in April proposed slashing the business tax rate to 15% for small and large businesses.

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Trump said that if the USA doesn't change it's tax system, "jobs and our country cannot take off the way they should - and it could be much worse than that".

Trump has not signed many major pieces of legislation since he took office, and he and congressional Republicans are eager to score a victory in the form of federal tax code reform.

While Republicans have not yet drawn the outline of their coming tax-reform proposal, it appears that they are scaling back its ambition.

This lady believes cutting taxes now is not a good idea.

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"True tax reform would close loopholes and make the system fairer for everyone". The $876 million cut, which is included in the 1,305-page measure's homeland security section, pays for roughly half the cost of Trump's down payment on the U.S. -Mexico border wall that the president repeatedly promised Mexico would finance.

While the White House has been designing a tax plan aimed at appealing to Republicans, Trump sought to cast the effort in bipartisan terms, calling upon members of both parties to work with him on the overhaul.

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"We're going to fix that."

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"We just come in a couple days ahead of time and sell to people so they don't have to stand in line at rallies and not get the merchandise that they want".

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Currently, the U.S. corporate tax rate is 35% and reducing it by 20% would encourage existing United States businesses in Ireland to relocate and this would affect Ireland in later life as they would also miss out on future expansion. "That was below the average rate for developed countries at the time", Trump said.