Trump to unveil tax reform plan in Missouri

Trump to unveil tax reform plan in Missouri

The White House official said Tuesday that the tax code legislation will be an "unified proposal" between the administration and GOP House and Senate leaders in order to improve its chances of passage and said conversations with lawmakers are ongoing. The topic is tax reform. The White House is inviting both Republican and Democratic leadership in Congress - Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Paul Ryan and House Minority Leader Nancy Pelosi - to meet with Trump Wednesday morning to discuss tax reform.

Over the last two years, the President has released several different tax plans that would deliver trillions of dollars in tax cuts to the wealthiest Americans and corporations but do little to help working families.

He will speak at the Loren Cook Company, which designs and produces fans and similar equipment, in Springfield, the so-called birthplace of Route 66, which the official said is emblematic of Main Street America.

As a presidential candidate Trump suggested lowering corporate rates and lowering the rate for top earners. Claire McCaskill, have said they're open to certain tax reforms.

The notice from the White House does not specify if this is a public event.

"Anybody I forget?" Trump said, before moving on with his speech.

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Trump will explain that the United States tax code is simply broken and in fact six times longer than it was in 1955, the official said.

The praise for the 1986 bill marks a reversal for Trump, who was previously heavily critical.

Tax reform was a major campaign promise for Trump and his Republican allies in Congress past year. It included a 15 percent business tax rate and cutting seven tax brackets to three.

And after the Republican plan on healthcare stalled, he warned Congress not to let him down again. In fact, if President Trump's proposed tax cuts are paid for through the types of spending cuts he has proposed in his budget, low- and middle-income Americans would clearly end up far worse off.

The economy has been bright spot for Trump's troubled presidency, with unemployment rates falling and growth rates reaching their fastest clip in over two years.

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