Trump wants U.S. back on “Main St.”
SPRINGFIELD, MO.» President Donald Trump launched his fall push to overhaul the nation’s tax system by pledging Wednesday that the details-to-come plan would “bring back Main Street” by reducing the crushing tax burden on middle-class Americans, making a populist appeal for a proposal expected to heavily benefit corporate America.
Trump said his vision for re-writing the tax system, a key campaign pledge, would unlock stronger economic growth and benefit companies and workers alike. He promised it would be “pro-growth, pro-jobs, pro-worker and pro-American.”
True to form for the president, Trump dangled the prospect of the “biggest ever” tax cut and warned that without it, “jobs in our country cannot take off the way they should. And it could be much worse than that.”
Trump, who rarely travels to promote his policy agenda, chose to debut his tax overhaul pitch before employees at a manufacturing plant in Springfield, Mo., a community known as the birthplace of Route 66, one of the nation’s original highways, and one known as America’s Main Street.
“This is where America’s Main Street will begin its big, beautiful comeback,” the president declared.
After eight months without any major legislative victories and after a significant defeat on health care, Trump and Republican congressional leaders face mounting pressure to notch some significant achievements before next year’s midterm elections. But the tax overhaul effort already is facing political headwinds.
The White House and Republican lawmakers have not finalized details of the plan, and the push comes as Congress returns to face an intense September workload filled with must-do items such as raising the debt limit, funding the government and providing assistance for the Harvey recovery effort.
While the White House has been designing a tax plan aimed at appealing to Republicans, Trump sought to cast the effort in bipartisan terms. He called on members of both parties to work with him on a “once-in-a-generation opportunity to deliver real tax reform for everyday hard-working Americans.”
Trump said he would like to see the top corporate tax rate drop from 35 percent to 15 percent. But it’s not clear that the top rate will go that low in the plan or what kind of tax break a typical taxpayer would see.
With his promises to the middle class, Trump is essentially betting that the benefits of tax cuts for businesses will flow directly to workers, rather than ending up in the pockets of top executives and wealthy investors.