Trump to unveil tax reform plan in Missouri

Donald Trump Joe Arpaio

Including nearly no specifics, Trump said his plan aims to simplify a convoluted tax code, lower rates on both corporations and workers, close special-interest loopholes and encourage the repatriation of trillions of dollars back into the US economy.

Following a whirlwind tax tour by chief Republican lawmakers, President Donald Trump will take the baton as he visits Springfield, Missouri on Wednesday to begin his leg of the race to complete one of his key campaign promises before year's end. "I will not support any tax plan that only aids the top earners and corporations at the expense of the middle class". He will speak about tax reform at the Loren Cook Company, which makes ventilation equipment.

That outline was also light on details - like who would be eligible for which tax brackets and whether or not the White House plan would increase the budget deficit.

Trump said in April he wants to lower the tax rate on businesses to 15 per cent, but it is not clear if this rate will remain or ultimately be revised upward.

"I don't want to be disappointed by Congress, you understand me?"

White House officials said that the president wanted to strike a serious tone and highlight a manufacturing business, rather than hold a large campaign-style rally.

Trump also welcomed praised and thanked his daughter Ivanka Trump, who was in the audience. "I hope so. Tell you what - the U.S. is counting on it".

Even as he laid out his tax reform pitch in broad strokes, Trump sought to turn up the pressure on members of Congress to get behind his still-undetailed effort and he called out Missouri's Democratic Sen.

Trump envisions a corporate tax rate dropping from 35 percent, now the highest in the industrialized world, to around 15 percent. "Democrats believe that not one penny of tax cuts should go to the 1%". And according to Ben White and Tara Palmeri at Politico, Trump's message will paint the tax reform policy as a populist change created to achieve the goal of "unrigging the economy". Claire McCaskill - up for re-election next year - is "opposed to big tax cuts" and said a "Republican will win" the state.

The speech is unlikely to provide new details about a tax plan Trump's aides and Republican leaders in Congress are trying to hammer out in closed-door meetings in Washington.


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