Donald Trump Initiates His Attempts to Lower Taxes in Congress

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On Sept. 27, 2017, United States President Donald J. Trump initiated his attempt in Congress to lower taxes. The New York Times reported that the tax cuts for individuals and businesses would be the largest change to the federal tax code in several decades.

Trump said that the fiscal plan is a fulfillment of a promise to his supporters in working-class America. It is a way to create better jobs, higher salaries, and lower taxes.

The commander-in-chief said in a speech, at the Indiana State Fair Grounds, that the tax cuts are a ground-breaking change. He then stated that the average American workers will be the biggest winners.

The president explained that jobs will start gravitating back into the country. Companies will begin to compete for American workers, and wages will skyrocket for the first time in decades, he concluded.

Trump said that the tax bracket would be cut from seven to three. The three remaining brackets would be 12 percent, 25 percent, and 35 percent. The outline of the tax cut also grants Congress the option to create a third bracket above 35 percent for the affluent Americans to pay.

The strategy is intended to lower taxes for the middle class. The New York Times stated that the plan would then deduct $12,000 for individuals and $24,000 for married couples.

People would then be able to digress from a complex system that requires claiming different deductions and credits. They would also be able to avoid complicated ways of listing their taxes.

The president said his new tax proposal will bring relief to working and middle-class American families. He made the statement in Indiana, during attempts to lower taxes in Congress.

The Hill reported that Trump and Republicans on Capitol Hill have created a tax proposal that can reunite the party. The Republican Party is currently divided on ways to repeal the Affordable Care Act, referred to as Obamacare.

Congressional Republicans have made several failed attempts to repeal Obamacare in the House and Senate. However, the Freedom Caucus and different groups in the private sector back the new GOP proposal to lower the number of individual tax rates. The Hill also reported that the Republicans in Congress hope the political party can agree on tax reform. Trump additionally stated, his tax cut plan creates a once-in-a-lifetime opportunity to rebuild the nation’s free economy, lower taxes, and “restore America’s competitive edge.”

Despite a difficult attempt to promote tax reform, on Sept. 29, Trump said that he will deliver the biggest tax cut the U.S. has ever seen. The leader of the free world delivered his speech at the National Association of Manufacturers in Washington, D.C.

VOA News reported that the president found himself on the defeated end of a Republican Senate, primarily in Alabama. The tax cut reform, hurricane recovery in Puerto Rico, and the current defeat on Obamacare in Congress are popular national topics in Washington, under his administration, when Trump initiated his attempts to lower taxes in Congress.

By John A. Federico
Edited by Jeanette Smith

Sources:

The New York Times: Trump Proposes the Most Sweeping Tax Overhaul in Decades
CBS News: Fact-checking Trump’s claims from his speech on taxes
The Hill: Trump pitches massive tax cuts
VOA News: Amid Setbacks, Trump Eagerly Pushes Tax Reform

Featured Image Courtesy of George Rex’s Flickr Page – Creative Commons License

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