Trump sticking to tax reform plan, despite criticism

Trump sticking to tax reform plan, despite criticism

Trump sticking to tax reform plan, despite criticism

Trump is expected to urge congress to act on cutting tax rates and simplifying the tax code.

President Donald Trump came to Springfield, Missouri, on Wednesday with one goal in mind: to push tax reform.

If a lower US tax rate on foreign profits encouraged USA corporations to move investments offshore, it could hurt US workers' wages and productivity.

The Trump administration has pushed for months that the plan would aim to bring down taxes for all while closing loopholes, but Trump's speech will have a decidedly populist tone.

Trump will be at the Loren Cook manufacturing plant at 2:30 p.m.to gather support for tax cuts.

The president's two top advisers on tax reform will be with him at the speech: Treasury Secretary Steven Mnuchin and White House economic adviser Gary Cohn, who are helping to guide the tax reform debate on Capitol Hill. There has been no comprehensive overhaul of the tax code since 1986.

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

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The officials, who asked not to be identified during a conference call with reporters, said those ideas would make for a "bipartisan" message because the notion of a rigged economy cuts across the spectrum of US political ideology.

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".

He pointed out that, during Trump's campaign, the then-Republican candidate promised to protect Medicaid and expand healthcare for everyone.

"Our baseline forecast continues to pencil in a modest, temporary, deficit-financed tax cut to be passed in 2Q2018 through the reconciliation process, avoiding the need to attract 60 votes in the Senate". Missouri will be the first stop of many for Trump's tax tour in the coming weeks.

"This is an area on which I'm optimistic President Trump and I will find common ground", she said in a statement to the Washington Post over the weekend. Households in the middle fifth would lose an average of $1,500 once the costs of paying for the Trump tax cuts are counted.

Republicans are hoping to pass a 2018 budget resolution that includes special procedural language allowing GOP leaders to move a tax-reform bill through the Senate with just a simple majority - a move that would erase the Democrats' filibuster powers.

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