President Trump on Friday touted his new tax plan, promising that the upcoming legislation “will usher in a new era of prosperity in America.”
“Tax reform, along with regulatory relief and fair trade deals — and we’re going to make them fair — but even really good again for our country, and for our workers. All of this will usher in a new era of prosperity in America and bring wealth, hope and opportunity to those communities that need it the most,” the president said during the White House weekly address.
Trump said one of the central aspects of reform will be a large tax cut for U.S. businesses to turn the country into “a jobs machine.”
The president said lowering the corporate tax rate to 15 percent will bring “thousands of new companies and millions of new jobs to our shores.”
“We pay the highest taxes anywhere in the world. No country is higher, and we’re bringing them down — and I mean way down,” Trump said.
{mosads}”We want to turn our country into a jobs machine — a jobs magnet, something that really works again. We want America to be the best place in the world to hire, grow, invest and start a brand-new, beautiful business,” he added.
The president stressed that the tax reform on the whole will focus on helping middle class and will also include a “much-needed relief for low- and middle-income parents raising children.”
In addition to the tax cuts, Trump said that the administration is seeking to streamline the tax system to make it easier for Americans to comply with the tax laws.
“Along with our historic tax cut, we are proposing dramatic tax simplification. American taxpayers spend billions of hours each year complying with our archaic tax laws, reducing economic productivity and job creation,” he said.
“That is why we are cleaning up the code, streamlining deductions and eliminating many special interest tax breaks that largely benefit only the wealthy.”
Trump’s comments about his tax plan mark one of the first times that he has publicly touted the proposal.
Republican lawmakers in the House are working on tax reform legislation that is expected to incorporate many of Trump’s proposals.