Dems hammer Trump for 'trickle down' tax plan

President Trump to Speak in Springfield

Schumer says if Trump wants to use populism to sell the plan, "he ought to consider actually putting his money where his mouth is" and cut taxes for the middle class.

But a major tax reform may be easier said than done.

In a speech Wednesday, President Trump cited the 1986 tax reform as a model for the kind of bipartisan effort he wants this fall, but in a 1999 op-ed he called that bill "a catastrophe".

After more than seven months in power, Trump and Republican leaders who control both the U.S. Senate and the House of Representatives are still far from agreement on a tax package, leading some market analysts to lower expectations for changes this year. Trump will meet with congressional leaders to hammer out those details on Tuesday, a White House official said.

Loren Cook manufactures fans, blowers, vents and exhaust systems and exports internationally. "Democrats believe that not one penny of tax cuts should go to the 1%".

Trump said it was important to lower taxes for middle-class families.

Democrats have said they will not support a tax proposal that offers relief for the very wealthy.


"And I'm speaking against myself when I do this, I have to tell you", he said.

The notice from the White House does not specify if this is a public event.

But Trump on Wednesday raised eyebrows when he thanked several members of his team by name and left Cohn - who traveled with Trump to Missouri on Wednesday - off the thank you list.

While the current Trump tax plan largely mirrors his campaign plan, one big change is its proposal for a "territorial" tax system, which would exempt the foreign profits of us multinational corporations from USA taxes.

Those goals included cutting the current number of tax brackets by more than half, eliminating "most tax breaks" that benefit "high-income" earners and lowering the tax rate for businesses.

And after the Republican plan on healthcare stalled, he warned Congress not to let him down again.

By expressing optimism Congress would pass a tax bill, Trump alluded to the Senate's inability to pass legislation to repeal and replace President Obama's health care law. "That was below the average rate for developed countries at the time", Trump said.

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