1 big thing: Trump's tax reform speech
A rapid summary of Trump's tax reform speech this afternoon in Missouri, by Axios' Alayna Treene:
- "I don't want to be disappointed by Congress, do you understand me? Do you understand? I think Congress is going to make a comeback. I hope so. I'll tell you what, the United States is counting on it."
- "Your senator, Claire McCaskill, must do this for you, and if she doesn't... you have to vote her out of office."
- "I want Americans to wake up happy to go to work for a big fat beautiful paycheck... I want them to be proud again."
His principles for reform:
- A tax code "that is simple, fair and easy to understand. That means getting rid of the loopholes and tax benefits that primarily help the wealthy... I'm speaking against myself when I do this."
- A lower tax rate that will help "give Americans the pay raise they've been looking for for many many, years." Trump also said the corporate tax rate is "too high," and making the U.S. uncompetitive.
- Tax relief for middle class families: "They will not be forgotten any longer."
- Bringing back "trillions of dollars thats are parked overseas... by making it less punitive for companies to bring back this money."
And one tangible thing: "Trump said he wants to bring the corporate tax rate down to 15%. But as Axios' Jonathan Swan notes, the 15% figure is fantasy: 'Nobody who is serious thinks this number is possible. Most tax experts in Washington say Republicans will be doing well to get the corporate rate down to 25%.'"
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