Exposing Hillary So She Won't Get Elected

Trump’s Reveals New Tax Plan: Less Paperwork, Lower Taxes, More Jobs

The power of simplicity will fix America’s tax code, President Donald Trump said Tuesday.

During a meeting at the White House with House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas, ranking minority member Rep. Richard Neal, D-Mass., Vice President Mike Pence, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, Trump said that he would be unveiling a major tax reform proposal on Wednesday.

“We’ll be releasing a very comprehensive report tomorrow, and it will be a very, very powerful document,” Trump said.

“Our plan is based on four very crucial principles. First, we must make our tax code simple and fair. It’s too complicated. People can’t do it. American taxpayers waste 6 billion hours each year complying with the tax code,” he said.

“Under our plan, the vast majority of Americans will be able to file their tax return on a single page without extra record-keeping and all of that paperwork. So we’re going to make it very, very simple. It’s called simplification,” he continued.

The plan offers substance as well, Trump said.

“Second, we will cut taxes tremendously for the middle class — not just a little bit, but tremendously. That includes nearly doubling the standard deduction that most families take on their taxes, and increasing the child tax credit families really want, and we’ve talked about it for a long time,” he said.

Trump said businesses will not be left out.

“Third, we will lower tax rates for businesses to create more jobs and higher wages for Americans. America has the highest business tax rate in anywhere in the developed world. We’re the highest-taxed nation in the developed world, and I think in the undeveloped world too,” Trump said, before joking with reporters over whether the claim would be fact-checked. “I have to be very accurate with these people because they’ll start claiming all sorts of things. So we’ll just keep it in the developed world.”

“But we’re the highest-taxed nation in the developed world, and we want to become one of the lowest, and that’s what we’ll be doing. And we’ll be announcing those numbers tomorrow. We want to go over them with the committee, but they are set,” he added.

Trump said the changes will bring new wealth to the nation, as well as new jobs.

“And the jobs will start pouring in from all over the world coming back to our country. They’ve left our country, so many of the jobs, and they’ll be coming back in because we have a non-competitive tax structure right now, and we’re going to go super-competitive,” he said.

Trump added, “Finally, we want to bring back trillions of dollars in wealth parked overseas. We want this money invested right here in America. You have close to $3 trillion, and it could be much more than that. Nobody really knows what the number is, but we know it’s substantially more than $2.5 trillion. And that money is overseas, and that money will come pouring back based on what we’re doing and the incentives that we’re giving.”

He promised to work with Congress to pass his reform package.

“If we do this, we will create millions of new jobs for our people, and bring many, many businesses back to our shores. We will become a competitive nation again. We won’t see companies leaving our country, firing their people, and going and then selling their product, by the way, back into our country with no tax and no retribution. That will all stop,” he said.

Trump closed wit ha plea for bipartisanship.

“It’s time for both parties to come together and do what is right for the American people and the nation that we all love,” he said.