Trump pushes Congress for tax reform

President Donald Trump is seen as ‘selfish prejudice’ by most Americans

The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas.

In a speech on tax reform in Springfield, Missouri, Trump singled out several countries, including Ireland, and pledged to cut America's corporate tax to 15pc.

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He has called for slashing the USA corporate tax rate from 35 percent. And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the USA tax base. If one person's taxes go up to pay for someone else's to go down, there's not much economic gain and the loser is going to make a lot more noise than the victor. It is no secret that President Trump and Republican lawmakers could use a victory now more than ever as they attempt to hold onto majorities in the House and Senate. In part, the president was correct in saying this, as he is the first Republican candidate to win the state of since the late 1980s.

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"Tax rates are only a small piece of the factors that determine where a company locates", Rosenthal said. But he didn't offer any new specific plans for getting tax reform done. "Ideally. we would like to bring our business tax rate down to 15 percent", he said, adding that cutting it is essential for the nation to regain its competitive edge. This would suggest that Trump's plan is more likely to bolster stock prices and CEO pay than trickle down to workers' salaries. However, the tax push is coming at a time when Congress is confronted with a massive workload in September.

"Circumstances have changed significantly since the bill was drafted earlier this summer", spokesman Jennifer Hing said Wednesday.

Trump has promised billions of dollars to help Texas rebuild from Harvey-caused flooding. That's an exaggeration. Trump repeatedly referred to the USA top nominal 35% rate, which is among the world's highest.

Considering the fact Trump has not had any significant legislative achievements, Republican leaders and the White House are under pressure leading up to the midterm elections in 2018. That has wounded the president's relationship with his own party.

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He told the audience that the countries that have low business tax rates have an advantage over the United States.

McConnell is scheduled to attend the White House meeting, according to congressional aides.

Information for this article was contributed by Catherine Lucey, Ken Thomas, Josh Boak, Alan Fram, Andrew Taylor and Erica Werner of The Associated Press; by Jim Puzzanghera of the Los Angeles Times; and by Justin Sink, Toluse Olorunnipa and Lynnley Browning of Bloomberg News.

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