(CNSNews.com) - President Donald Trump said today that he believes America now has a “once-in-a-generation opportunity” for real tax reform and explained the four principles he believes that tax reform should stand upon.
“So this is our once-in-a-generation opportunity to deliver real tax reform for everyday hardworking Americans, and I am fully committed to working with Congress to get this job done,” Trump said in an address in Springfield, Mo.
“And I don't want to be disappointed by Congress, do you understand me? Do you understand?” Trump said.
“I think Congress is going to make a comeback. I hope so,” said Trump. “I tell you what, the United States is counting on it.”
Trump then explained that he is embracing four principles of tax reform.
“Here are my four principles for tax reform: First, we need a tax code that is simple, fair, and easy to understand,” he said. “That means getting rid of the loopholes and complexity that primarily benefit the wealthiest Americans and special interests. Our last major tax rewrite was 31 years ago. 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. At the time, it was really something special.”
“Second, we need a competitive tax code that creates more jobs and higher wages for Americans,” said Trump. “It’s time to give American workers the pay raise that they've been looking for many, many years. In 1986, Ronald Reagan led the world by cutting our corporate tax rate to 34 percent. That was below the average rate for developed countries at the time. Everybody thought that was a monumental thing that happened. But then, under this pro-America system, our economy boomed. It just went beautifully -- right through the roof. The middle class thrived and median family income increased.”
“The third principle for tax reform is a crucial one: tax relief for middle-class families,” said Trump. “In a way--and I’ve been saying this for a long time--they've been sort of the forgotten people, but they're not forgotten any longer. I can tell you that. 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. And that really means buying product ideally made in this country, but that means they’ll go out, and they’ll spend their money. And it will be a beautiful thing to watch. This includes helping parents afford childcare and the cost of raising a family.”
“Fourth and finally,” said Trump, “we want to bring back trillions of dollars in wealth that's parked overseas. Because of our high tax rate and horrible, outdated, bureaucratic rules, large companies that do business overseas will often park their profits offshore to avoid paying a high United States tax if the money is brought back home. So they leave the money over there. The amount of money we're talking about is anywhere from $3 trillion to $5 trillion. Can you believe that? By making it less punitive for companies to bring back this money, and by making the process far less bureaucratic and difficult, we can return trillions and trillions of dollars to our economy and spur billions of dollars in new investments in our struggling communities and throughout our nation.”
The full transcript of the president’s speech is available on the White House website.