President Trump Tax Reform Remarks CSPAN October 11, 2017 5:44pm-6:29pm EDT
one of the early issues that is being discussed in the negotiations that are currently taking place. if there is no deal and we are working to ensure we get a good deal, if there is no deal then obviously we will have to have arrangement with other member states about not just eu citizens but about uk citizens in those -- >> we will eat this record a prime minister's question program. you can watch it entirely at c-span.org. life now for president trump. live coverage on c-span2. ♪ [applause] thank you very much, ladies and gentlemen. it's great to be back in pennsylvania with the proud men and women of the american trucking associations. [applause] we love pennsylvania, and we love our great truckers.
[applause] i also want to thank all of our wonderful members of congress who are here with us today. should i read their names? yes? then i will. representative lou barletta, great guy, running for governor. he's running for the senate. he's running for -- where he is lou? sorry, i heard he was running for governor but then i heard he was running for the senate. he's going to win. you are going to win big. you are going to win big, blue, good luck. a friend of my for a long time, representative mike kelly. thank you, mike. tom marino going to be the drug czar. he's going to do a great job. thank you, tom. will be amazing, the drug czar. patrick meehan. patrick. thank you, patrick.
scott perry. scott. [applause] and lloyd smucker. lloyd, thank you. thank you, lloyd. i also want to thank a couple of very special people. they have been fantastic in what they have done. secretary of the treasury, steven mnuchin, who is here someplace. there he is. and gary cohn, director of the national economic council. thank you, gary. thank you. and mike turner's eye, the speaker of the pennsylvania house of representatives, thank you, mike. i think that's enough, right? that's enough. we will start losing the crowd, mike. before we get i want to take a moment to address some of the recent tragedies that a struck out incredible nation. in the darkest moments, the
light of our people has shown through like seldom before. their goodness, , their courage and their love. no destructive force on earth is more powerful than the strength and resilience of the american people. [applause] we are praying for all of the families affected by the horrific mass shooting that took place in las vegas. we grieve with you, and we will never leave your side. our hearts are also with the victims of the wildfires in california's napa and sonoma valleys. and they are wild and dangerous fires, and we have fema out there right now along with a lot of first responders doing an incredible job with everybody else, and they really have done a very incredible and it is a very dangerous, my fema people
are incredible, incredible. [applause] we have issued a disaster declaration and are working closely with state government, the recovery effort is fully underway for those impacted by the recent catastrophic hurricanes. through these difficult times we have witnessed the unbreakable spirit of our nation. together, we will restore, revealed, and return stronger than ever before. that's what's happening. [applause] we are here today to discuss our vision for america's economic revival, which has already started to get started on november 8. [applause] we want lower taxes, bigger paychecks, and more jobs for american truckers, and for
american workers. [applause] nothing gets done in america without the hard-working men and women of the trucking industry. do we agree with that? do we agree? thank you so much. the job you do. when your trucks are moving, america is growing. do you agree? [applause] that is why my administration has taken the steps to remove the barriers that have slowed you down. america first is putting american truckers first. [applause] since january of this year we have slashed job killing red tape all across our economy. we stopped or eliminated more regulations in the last eight months than any president has
done during an entire term. [applause] not even close. that includes eliminating the regulations that drive up the cost of energy here we want low cost fuel for our truckers and for our families all across this country. and we are just getting started, believe me. just getting started. [applause] i've ordered every agency across federal government to review and then remove the regulations that destroy your jobs, hamstring or companies, and undermine your ability to compete. my administration is also committed to passing a historic infrastructure package that will generate $1 billion to rebuild america's crumbling infrastructure, with a special focus on roadways and highways. [applause]
it is time to take care of our country, to rebuild our communities, and to protect our great american workers. it's about time. [applause] and already we are seeing the incredible results, results that in many cases the media hates to report, but i'll report them tonight for them. unemployment is at a 16 year low. [applause] wages are rising, and you know you have heard that in a long time. the stock market is soaring to record levels, boosting pensions and retirement accounts for hard-working americans. their values are going up every
[applause] and very probably just in the stock market alone we've increased our economic worth by $5.2 trillion. that's right, since election day, i $.2 trillion. think about that. that's a quarter of the $20 trillion that we owe. so we've already, but listen to this. because we've doubled in the last eight years of the previous administration the debt doubled. so that in eight years our debt literally hundreds of years of debt doubled in eight years to $20 trillion. but since the election on november 8, i've increased the value of your u.s. assets by more than a $20 a $20 trillione
currently owe. you haven't heard those numbers. [applause]
gdp growth reached more than 3.1% last quarter, way ahead of schedule. we were not supposed to hit that number for a long time. not for a long time. and i will tell you, , i think this quarter would've even been better but we did keep hit with some very, very powerful hurricanes. but it is still going to be very good. manufacturing confidence is at an all-time high, which is great news for those who ship products to the marketplace. the confidence in our country is back like it hasn't been in many, many years. [applause] the fact is america is finally back on the right track, but our country and our economy cannot take off like they should in less we transform america's outdated, complex, and extremely burdensome tax code.
[applause] and that's what i'm here with you right now tonight, thank you. we we're going to fight and we'e going to get those republicans and maybe a few of those democrats to raise their hands and will have so much money to spend in this wonderful country. and this great economy. that is why we propose tax cuts that are pro-growth, pro-jobs, pro-worker, profamily and pro-american. [applause] we need a tax system that is fair to working families, and that encourages companies to stay in america, grow in america, spend in america, and higher in america. [applause]
throughout the year years my administration has worked closely with congress to develop a framework for tax reform that will deliver exactly that, more jobs, higher pay and lower taxes for middle income families and for american businesses of all size. [applause] our tax reform framework will achieve our four core principles. first, we will cut taxes for every day, hard-working americans. [applause] under our framework the first $12,000 for a single individual, and the first $24,000 for a married couple will be tax-free. no tax at all. [applause] and remember, you will do your tax on a single piece of paper.
[applause] h&r block will not like donald trump very much. that's one company i will tell you. they will not like me at all, and that's okay. we are nearly doubling the amount of income that is based at the zero bracket. in other words, as the democrats say, and do they say untruths, you look at what's happened. they are not telling you the truth. because they pretend there isn't a zero rate, and there is, and its expanding very substantially under my plan, they don't show the zero rate so they go, oh, 18% to 12% against 15. but it's not. it's 12% against zero. you take a look at the categories. so we're bringing it down. remember, from eight brackets to
four. but they are forgetting to use the zero bracket, which julie is deceptive. do we agree with that? truly very deceptive. under a framework we make the zero bracket bigger and get rid of the 10% bracket, and we're reducing the 15% rate down to 12%. so that's a massive amount of money. [applause] so the rates are coming down to zero, 12%, 25%, and 35%. all big beneficiaries from what you have now. big beneficiaries from what there is like you haven't seen before. joining us today is suzy, a retiree who recently moved to pennsylvania from queens new york. well, i like both places. i like pennsylvania. i grew up in queens.
went to school in pennsylvania. like them both. where is suzy? hi, suzy. how are you doing? you going to be happy with this, right? because you know what i'm going to say. thanks, suzy. and suzy says high taxes are forcing seniors like her to make painful cuts and cutbacks during the golden years of their lives. test use of their lives. she hopes congress will pass our framework so we can help more american seniors make ends meet on a fixed income. we must honor and respect -- [applause] the people whose decades of hard work helped to build our country and to make our country great, but we're going to make our country greater than it's ever been before. that's what's happening. [applause]
our framework also provides relief to those who care for an adult dependent or elderly loved one through a $500 tax credit. so import, so we people have wanted it, and we will substantially increase the child tax credit to save working families even more money. [applause] the single most important investment our country can make is in our children. the strength of our nation is determined by the strength of our families, and we're committed to helping parents make starting and raising a family more affordable.
they gain when the economy gains, they gain when things get better, they gain in lots of ways but so many people have come up to me and said give it to the middle class. give want to spend it. you would be surprised. the owner of the new england patriots does a great job, he was at the white house. he gave me a super bowl ring. i was very honored. as he was leaving the white house, he said i know you're very soon going to be doing tax reform and tax cuts, go to middle-class. you will see how good this is.
our framework is to make the tax code more simple, fair, and easy to understand. american families and businesses waste billions of hours and tens of billions of dollars on excruciating paperwork. you see that. it's all over the place and you have no idea what you're doing anyway. massive compliance every single year. under our framework many families will be able to file their taxes on that same single sheet of paper that i am so's proud of talking about. as part of the effort to make our system simple and fair, we will protect thousands of family businesses by ending the crushing, horrible and unfair estate tax known as the
death tax. that is a tax that has destroyed so many businesses and kept them out of your family, your children, it's very sad. we are working to and the estate tax. [applause] in the crowd we have calvin and his son steve. where's calvin. [applause] good-looking family. you own a trucking business and in the trucking business since 1946. a very good year. it's a great year. i love that year. trucking runs in his blood and he wants to pass his company
along to his children just as it was passed down to him by his father. we are going to protect small business owners and their families so they can continue to run their companies with dedication and with love. we will make taxes simple and easy and fair for all americans. [applause] thank you. calvin, you want to him that business down, right? don't worry about it for about 40 years, i hope. long time. just keep him around. thank you. [applause] third, we will cut taxes on american businesses to restore our competitive edge and to create more jobs and higher wages for american workers.
[applause] the last major tax reform was passed more than 30 years ago in 1986 with a large bipartisan majority. that would be wonderful, but sadly the democrats have become obstructionists. they want to step. they don't want to do anything productive and they want to raise your taxes. i want to talk about open borders and higher taxes. that's not a good combination to get elected, believe me, but open borders and high taxes but they are good at obstruction. the 1986 tax bill substantially reduced our corporate tax rate to make america globally competitive. the plan worked and jobs in industry boomed. other countries saw our success and they copied our playbook. our foreign competitors
adopted tax rates much lower than ours and more competitive and they started taking our businesses away. in fact, when it comes to the business tax, we are dead last among developed nations. our rate is the least competitive rate. we have the highest tax rate anywhere in the world. how foolish is this. our business tax rate is 60% higher than our average economic competitor. we have a massive tax on every product made in america. remember the expression, made in the usa, made in america, you don't hear that so much but you're starting to hear together. what you had better made in america or made in usa? made in america.
[applause] made in the usa. [applause] hi jeffrey. [applause] he was on fake news, cnn, for a long time. he was one of my few sources of truth. thank you for being here. it's a great honor. good man. but giving so many countries a tremendous advantage over us, if you look at china, at 15%, and mexico, all of these countries had a lower tax rate in the united states. we can't compete that way. it's time to end this unfair disadvantage and give american companies and workers the
level playing field they so richly deserve. [applause] one american truckers, and i mean these great people, these great heroes, they have to have a level playing field there's no one on earth that can beat you guys if you have a level playing field. nobody. but you finally have a government and frankly you finally have someone who's given up a lot. my other life was very good. i have to be honest. i had a very good life.
i had a very good life, but you know what, i'm having a better live now and i'm helping a lot of people. [applause] believe me, i love doing this because we are doing so much between the regulations and the taxes and getting a supreme court justice, getting him onto the supreme court, just -- justice neil gorge it's, it was so important. you finally have a government who is going to defend you and stand up for you and your country. america is being respected again.
something happened today were a country that totally disrespected us, called with some very important news. when my genitals came in and said i have to tell you, a year ago they would've never done that. it's a great sign of respect. you'll probably hear about it over the next few days. this was a country that did not respect us and they respect us now. the world is starting to respect us again, believe me. [applause] under our new framework, you will dramatically cut the business tax rates american companies and workers can win against foreign competitors. we will cut the corporate tax rate from 35% and more all way down to no more than 20% below the average of major competitors from other
countries. [applause] the biggest winners from this transformation will be everyday families from all backgrounds, from all walks of life and great companies that will produce the jobs. they will produce jobs like you've never seen before. when companies leave our shore , it benefits us. it's a wonderful workers who reap the rewards who will have more products to deliver more contracts to fill. that's the way it happens. for the many american truckers who filed taxes as soul proprietors, as corporations or partnerships, we will cap your top tax rate at a maximum of 25%. substantially lower than what
you are paying will now. [applause] the more than 30 million americans who have small businesses will see a 40% cut in their marginal tax rate. [applause] i wouldn't want to be a politician against that. they will have a long, hard winter. this will be the lowest top marginal income tax rate for small and midsized businesses in more than 80 years. not since 1931 and they had taxes anywhere near that level. [applause] this huge tax cut, two words,
huge and now rocket. you know what were talking about folks, don't worry about it. it will rocket fuel the rocket fuel for our economy. with us today is kevin birch of jet express who has been in the trucking business for more than 40 years. where is he. forty years, you don't look that old kevin. good job. kevin says if congress passes our tax relief and reform plan he will be able to invest in new equipment and additional training for his workers, drivers and technicians. he wants to create more american jobs and we are working to help him do exactly that. plus, we are working on a tax
write off that will be almost immediate with your investment. that is something you've never seen before. [applause] that's part of our plan because companies, in order to compete over the next five year period, allows our framework and within our framework that you write off one 100% of the cost of new equipment in the year you buy it. when have you heard that one. that will be a big one. [applause] i've had calls from great business people. they said mr. president, did you really say that. i said yes i did and i might say, they do call me mr. president. it's very interesting. i've had friends for year,
they know me, they say hey don, how's it doing and now when they see me there all uptight. i said will you please loosen up. all of these are friends for 30 years and they get a little bit tight, but they are impressed with the one year immediate right off. that's what they're impressed by. i think they're very impressed. we want our companies to invest and expand because that means more jobs, more products rolling off the assembly line and more truckers delivering those products to stores all across our country. finally, our framework encourages american companies to bring back the trillions and trillions of dollars in wealth parts overseas. our current tax code actually promises companies for keeping their headquarters in america. you see that red that's happening. there are being punished. it discourages them from
bringing back the profits they earn overseas. in 2016, american multinational companies kept 71% of their foreign earned profits overseas and away from our country. our framework will totally reverse this and it is a very troubling trend. we will be bringing back. close to one 100% of the money back into our country where it can be put to work and jobs will be created. we will totally eliminate the penalty on returning future earnings back to the united states and we will impose a one time low tax on money currently parked overseas so it can be brought back home to america where it belongs and
where it can do its job. my council of economic advisors estimates that this change, along with a lower tax rate would likely give the typical american household of $4000 pay raise. it could be a lot more than that. if you haven't heard, about a 4000-dollar amount of money additional for the american families to spend. that is very exciting. you will get to spend that money, it will be put to work and we will start making our product again. wouldn't that be nice. it's going to happen. by the way not as part of our tax plan, but i am renegotiating trade deals that are so horrendous and so one-sided and so embarrassing for our country we are, you're
probably rereading the papers, were renegotiating nafta and various other deals with foreign countries that are so embarrassing and so horrendous that it would say why on earth would anybody have signed a deal like that. i will also be announcing, as you know, my statement and what will be doing with respect to the grand deal. speaking of badly negotiated deals. so, to summarize, our plan goes from eight tax brackets down to four, expands the zero tax bracket greatly, expands the child tax credit, repeals the state tax and special interest tax breaks, cuts the total corporate tax rate from
much more and equal to 35% tax and brings it all the way down to 20% and cuts tax rates for small businesses to the lowest level in more than 80 years. [applause] our great congressman and congresswomen, all of the people were working with, all i can say is you better get it passed. they will, i know, and you have great ones here in pennsylvania. for too long our tax code has incentivized companies to
leave our country in search of lower tax rates. my administration rejects the off shoring model and we have embraced a brand-new model called the american model. we want companies to hire and grow in america, to raise wages for the american workers and to help rebuild american cities and towns. we are involved in all over the world and it's now time we get involved with rebuilding our country. no one knows america better than america's truckers. every single day, from coast to coast and border to border, where we will have a wall by the way, in case you had any doubt, does anyone have a doubt, in our largest cities and across the rolling plains, you see incredible beauty of
our natural wonders, you see things few people see. in fact, i think you should take a major weight reduction. we see the enduring strength of the american spirit in those same truckers. what you see is incredible every day. what you see are things that nobody else sees and i want to tell you, to the truckers in this room which is a lot of people, you will do better than ever before and we truly admire you. you are our heroes, believe me. over the decade you have also seen the disastrous consequences of economic surrender. our politicians surrendered. they gave up our country. you have driven past the shuttered factories, watched
thriving communities become ghost towns and witnessed america's wealth get shipped away to foreign lands. now is our chance to reclaim america's destiny. we can breathe the new eight into struggling industries and forgotten towns. we can end the special deals for special interest and we will honor the hard-working patriotic americans who make this country run. [applause] you can help us stock the store shelves all across the country and around the world with more products stamped with those beautiful words that were going to say it this way, made in the usa. we will lift our fellow citizens from welfare to work, from dependence to independence and from poverty to prosperity.
american goods will sail across the ocean. american trucks will glide along our highways, so beautiful will those highways be, smooth, beautiful, no potholes. i know, no potholes. i have many friends in the trucking business and they tell me it's never been like this. they will buy beautiful new equipment. by the time he goes from los angeles to new york and back have a big renovation job in their hands. they've never seen it like this before. they will be beautiful again. they will be smooth, beautiful highways again. [applause] the american flag, we love our american flag.
[applause] think people forgot how patriotic we are. i think people forgot how much we love our country. they've learned over the past week, haven't they? [applause] american flags will soar high above the roads. our cities in our towns will proudly display that flag. our children will be raised in homes filled with love. communitcommunities filled with airplanes going back and forth, that's okay, but communities filled with hope and a nation filled with pride. we will build this future together as one people in one nation under god.
[applause] [applause] with your help and your voice we will bring back our jobs, we will bring back our wealth, and for every citizen across the land we will bring back our great american dreams. this is a great and proud state. i am so honored to be with you tonight. thank you, god bless you, and god bless the united states of america. thank you very much. ♪ ♪ ♪ ♪
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