Trump promises to 'bring back main street' with tax reform proposals
- Author: Sonia Alvarado Sep 01, 2017,
Sep 01, 2017, 1:45
The President emphasised that a new tax system was germane to sustaining new prosperity in the U.S. Trump outlined several principles for tax reform, particularly cleaning the code of tax breaks and offering tax relief to middle-class families.
"The Dems are looking to obstruct tax cuts and tax reform".
Months ago the White House promised it would put one together but recently said it would rely on Republicans in Congress to produce one.
Trump adds that other countries saw the economic growth and started lowering their rates which made them more competitive over the years.
William Delehanty, a professor of political science at Missouri Southern State University in Joplin, said that taking up the banner of tax reform could help Trump's team find common cause with congressional Republicans after a divisive debate over health care.
Alas, it's up to Congress to flesh out his word: "I do not want to be disappointed by Congress, you understand me?" "I hope so...the United States is counting on it", Trump said, specifically calling out U.S. Sen. "I think Congress is going to make a comeback, I hope so". In this regard he was speaking to the importance of tax cuts, specifically for businesses, to propagate economic activity.
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He pledged to "bring back Main Street by reducing the crushing tax burden on our companies and on our workers", and work with Republicans and Democrats alike on a tax plan that is "pro-growth, pro-jobs, pro-worker".
While the administration and GOP lawmakers maintain tax reform will be completed by year's end, some experts believe that could be a challenging task when there is intraparty division on some key provisions.
"What could possibly be more bipartisan than helping people keep more of what they earn?" he said.
Trump also showed he isn't above threats to get tax reform passed. "And if she doesn't do it for you, you have to vote her out of office", Trump said to applause.
We checked with New Orleanians to get their thoughts.
His big push is for cutting the US corporate tax rate, which he called "the highest in the world".
If tax cuts are not offset by spending cuts or other tax increases, the US deficit will rise. It also called for income tax brackets to be set at 10%, 25% and 35%, the latter for the wealthiest Americans, down from the current 39.6% rate.