Trump Targets McCaskill: 'Vote Her Out' If She Doesn't Slash Corporate Taxes
- Author: Joey Payne Aug 31, 2017,
Aug 31, 2017, 1:08
President Donald Trump will kick off the Republican plan to reenact major changes to the US 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.
Mr Trump said the U.S. has surrendered its competitive advantage with one of the highest corporate tax rates in the world.
But an administration official said Trump's speech in the Midwest state would make the case for why America needs tax reform, rather than the nitty gritty of what he wants to change.
But can the country afford to have taxes cut at this time? "And I don't want to be disappointed by Congress".
Like the failed push to repeal former President Barack Obama's health care law, the tax effort is likely to encounter strong Democratic opposition and divisions among Republicans, leaving its fate uncertain.
"Don't expect to see any specific rates like that", the officials said, in reference to the numbers on the one-page outline.
The White House has since abandoned that promise; it said last week that details will be up to the tax-writing committees in the Senate and the House.
Pascrell also floated the possibility that Trump's global business empire might benefit from his tax plan, though no one can know "until the President releases his tax returns" - a step Trump has refused to take.
The president also said he'd like to "ideally" bring the corporate tax rate down to 15 percent from 35 percent, saying it would "make us highly competitive". "The foundation of our job creation agenda is to fundamentally reform our tax code for the first time in more than 30 years". That should help all those struggling white working class folks who voted for Trump.
Capitol Hill Republicans have struggled to craft the tax reform legislation that accomplishes the goals they share with the president, including cutting taxes while not increasing deficits and debt.
After a year with no major legislative wins, the stakes are high for the White House and GOP leaders, who face mounting pressure to get points on the board before next year's midterm elections.
"I think Congress is going to make a comeback, I hope so", Trump continued, to cheers from the audience.
Democrats have hinted they are willing to work with Republicans and the administration to accomplish tax reform, but only if it does not provide tax cuts for the wealthiest Americans.