President Donald Trump believes that the United States is course on for the “biggest tax cuts” in its history with the current indications that the Republicans in Congress will not throw a spanner in the works, but join hands to pass the proposed tax reform legislation before the end of the year.
“It’ll be the biggest cuts ever, in the history of this country,” Trump told Fox Business News, adding there was “tremendous appetite” and “tremendous spirit” for the measure. Trump’s optimism of an early conclusion of tax reforms follows the Senate’s passage of the 2018 budget blueprint that is seen to clear the decks for introduction of the tax reform legislation.
While Democrats have derided his package as “tax cuts for the rich”, Trump projected that it would prove to be a big win for the middle class.
“It’s time to ignite America’s middle class miracle once again,” Trump wrote in an Op-Ed piece in USA Today on Sunday, which also happened to be the anniversary of former president Ronald Reagan signing the last major tax reform legislation in 1986.
Stating that America is in acute need of a similar push to usher in a new economic boom and create jobs in a big way, Trump wrote: “While our economic competitors slashed their taxes in hopes of replicating America’s success, our leaders remained complacent or, in some cases, reversed course.”
“We are now among the highest taxed nations in the developed world. Our tax code and laws have nearly tripled in length since the 1986 reforms. They now span 2,650 pages, with another 70,000 pages of forms, instructions, court decisions, and other guidance.”
Asserting that the “era of economic surrender is now over”, Trump held forth on the virtues of his initiative which, he said, will cut taxes for hardworking, middle-class families, doubling the standard deduction and expanding the child tax credit.
Trump asserted that his comprehensive tax reform will give a big boost to business activity and bring back trillions of dollars of American wealth that is currently parked overseas because of high taxes within the country.
The tax initiative, according to him, will restore America’s competitive edge and create better jobs and higher wages for American workers. It will provide tax relief to businesses of all sizes, and deliver for small and medium-sized businesses the lowest top rate in more than 80 years, he said.