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Trump pitches tax reform to 'bring back Main Street'

Trump pitches tax reform to 'bring back Main Street'”

President Donald Trump hit the road to sell tax reform to voters and lawmakers Wednesday, a major campaign pledge that remains short on detail and a long way from becoming law.

Tax reform efforts have been overshadowed by news about Hurricane Harvey, as well as Trump's controversies involving the pardon of former Maricopa County, Ariz., Sheriff Joe Arpaio, an alleged feud with Senate Majority Leader Mitch McConnell, R-Ky., and comments about violence in Charlottesville, Va.

But can the country afford to have taxes cut at this time?

"The president wants to take this conversation directly to the American people", the official said.

"They're nowhere. They're just nowhere", said Henrietta Treyz, a tax analyst with Veda Partners and former Senate staffer.

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There are two rates of corporation tax in the Republic of Ireland: 12.5% for trading income and 25% for non-trading income.

While the White House has been designing a tax plan aimed at appealing to Republicans, Trump sought to cast the effort in bipartisan terms, calling upon members of both parties to work with him on the overhaul.

By easing the tax burden on business owners, especially small business owners, we give them the possibility to invest more into their businesses - meaning that they can expand their businesses and hire more workers.

The counterargument to the administration's push is, what's to say a big tax cut now would make a difference - especially if a lot of the money from those tax cuts gets distributed to shareholders in the early years?

"They are taking us, frankly, to the cleaners", Trump added. The tax code hasn't seen a large-scale reform in three decades.

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In the speech, the president will argue that lowering individual and business tax rates will jump-start the American economy and creating millions of new jobs.

"I am now going to say that I'm very hopeful and I think we can get this done by the end of the year, but we will continue to revisit that".

The president has also frequently parroted a familiar GOP assertion that conservative "tax reform" is primarily geared toward helping the middle class.

"We want a more optimistic vision of what real, sincere, genuine tax reform can do to improve the lives of so many Americans who have been shut out of economic opportunity and achieving their American Dream by bad economic policy", the official said.

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