President Trump delivered a speech Wednesday afternoon from Springfield, Missouri, on his administration’s broad goals for a major tax overhaul. In the address, which was touted by the White House as a “tax reform kickoff event,” Mr. Trump outlined his administration’s four main goals for the tax overhaul:
- Simplify the tax code
- Eliminate special interest loopholes
- Provide tax relief for middle class families
- Cut the corporate tax rate
“Our tax system should benefit loyal hard-working Americans and their families,” Mr. Trump said, promising to lighten the tax “burden.”
The president vowed “to work with Congress, Republicans and Democrats alike” on the matter.
His remarks come as the debate over tax reform heats up among congressional leaders ahead of their return from the August recess. Simplifying the tax code has been one of Mr. Trump’s goals since his days as a presidential candidate, and Congress is expected to make it a key focus of their upcoming agenda.
“I think Congress is going to make a comeback, I hope so,” Mr. Trump said. “You know what? The United States is counting on it.”
The White House plans to leave the details of the tax legislation to be worked out by House and Senate Republicans.
“So let’s put or at least try to put the partisan posturing behind us and come together as Americans,” Mr. Trump said.
While pledging to work on the tax overhaul in a bipartisan manner, the president directly called out Claire McCaskill, Missouri’s Democratic senator.
“You have to vote her out of office,” Mr. Trump told the audience, if McCaskill votes against his administration’s tax goals. Moments later, he called congressional Democrats “obstructionists.”
Mr. Trump focused much of his speech on lowering taxes for businesses. At present, the corporate tax rate in the United States is 35 percent. With Mr. Trump’s “American Model,” he promised to lower the corporate tax rate to 15 percent.
The president identified high business tax rates as the reason companies based in the United States choose to do business abroad.
“They leave the money over there,” Mr. Trump said of large companies who operate internationally because of what he called “bureaucratic and difficult” tax regulations.
Mr. Trump expressed his hope that tax overhaul will “bring back trillions of dollars in wealth that’s parked overseas,” create a “pro-growth” job market and stimulate a “pro-American” economy.
Prior to his remarks, Mr. Trump tweeted Wednesday morning that tax cuts and reforms are “so…