Americans get lower taxes in February if vote succeeds

Elias Hubbard
December 14, 2017

President Donald Trump urged Congress to give Americans a big holiday gift this month by passing the largest tax cuts and tax reform since 1986.

The president spoke as House and Senate negotiators were holding a meeting on a compromise plan that still must pass both chambers.

About 52 percent of Americans believe their own family will be hurt financially more than helped by the Republican tax plan, while 30 percent said they'd be helped, according to a Marist Poll taken December 4 through December 7.

There are many reasons Trump is eager to get the bill.

Trump's address will also link the tax overhaul to his broader economic agenda and goal of reinvigorating the American dream, said the officials, who insisted on anonymity to preview his remarks.

GOP leaders in Congress have been hammering out deal for a projected, $1.5 trillion compromise plan.

"Our tax cuts will break down - and they'll break it down fast - all forms of government and all forms of government barriers and breathe new life into the American economy". "When I say giant, I mean giant".

Trump was actually pitching his plan to a small group of congressional negotiators, who are working out differences between the House and Senate tax reform bills passed earlier this year.

"Our current tax code is burdensome and unfair", Trump said. "It's exported our jobs, closed our factories and left millions of parents anxious that their kids will have less opportunity than the last". They have two children and a third on the way, Trump noted as he introduced them. "They like it a lot and they can't say it", he said. Once House and Senate negotiators have agreed on the bill, it will go back to the two chambers for a final vote. A final vote is expected next week.

During his speech, the president invited several families to come up to the podium and say how tax reform would affect them.

"With the tax savings that we'll see, we are going to put that money into home renovations", one man said.

The corporate tax rate will be cut to 21 per cent, and the deduction for pass-through companies will be 20 per cent. Sixty percent said the measure mostly helps the rich.

Other reports by Click Lancashire

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