President Donald Trump continued his mission to promote tax reform, vowing to fight Democrats and Republicans in Congress to get it done.
“We are going to fight, and we are going to get those Republicans and maybe a few of those Democrats to raise their hand, and you’re going to have so much money to spend,” Trump said.
He explained that he wanted to eliminate the tax penalty on returning business earnings back to the United States.
“We will eliminate the penalty on returning future earnings back to the United States,” Trump said. “And we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America — where it belongs.”
Trump cited his Council of Economic Advisors suggesting that the change plus a lower tax rate would likely give the typical American household a $4,000 pay raise.
He repeated much of the speech he delivered weeks ago in Indiana, touting tax rates of 12 percent, 25 percent, and 35 percent for different income brackets. He also pointed to his wish for the $24,000 of earnings for a married couple to remain tax-free.
Trump said that he wanted his tax plan to help the middle class, recalling an event with the New England Patriots at the White House with Robert Kraft.
“He said, ‘Donald, I know you’re very soon going to be doing tax reform and tax cuts. Give it to the middle class. Don’t give it to us,” Trump said, relating his advice. “That’s what we are trying so hard to do.”
Trump recognized the members of Congress who attended his speech, but warned them that they had better deliver a good bill.
“Our great congressmen, congresswomen, all the people that we’re working with, all I can say is, you better get it passed,” he said.