President Trump Meets With Senate Finance Committee Discussing Tax Reform…

Earlier today President Trump met with members of the Senate Finance Committee to discuss the latest tax reform proposal.  (transcript below)

[Transcript] – 11:34 A.M. EDT – THE PRESIDENT: Thank you very much. I’m honored to welcome Republican and Democratic members of the Senate Finance Committee to the White House. And especially, I’d like to thank Committee Chairman Orrin Hatch — thank you, Orrin — and Ranking Member Ron Wyden for joining us today. Thank you very much. Thank you, Ron.

We’re here to discuss our plan to deliver historic tax cuts for American families, businesses, workers. It will be the largest tax cut in the history of our country.

Here’s some of the highlights from our framework. We are doubling the amount of income that is taxed at the zero bracket. In other words, the zero bracket — many people will be able to take advantage of that bracket that are not in that bracket.

We’re increasing the child tax credit. We will end the estate tax, sometimes referred to as the death tax.

We will cut the business tax rate from the highest in the developed world at 35 percent to no more than 20 percent. According to the Council of Economic Advisers, reducing the corporate tax rate from 35 to 20 percent would increase average household income by $4,000 a year. So each household, on average, would take in $4,000, and they’ll go out and they’ll spend that money and that will be great for the economy.

We’re cutting taxes on small businesses to the lowest rate in more than 80 years. For 30 million Americans who own small businesses, it will be a 40 percent tax cut, and they will thrive and they will expand, and they will be happy.

For at least the next five years, businesses and manufacturers will be able to expense the full value of new equipment in the year in which they buy it — something which nobody even thought in terms of, and something which will have, I think, one of the biggest impacts on our economy.

We will impose a one-time low tax on trillions of dollars of wealth parked overseas to encourage companies to bring back those profits and bring them back home, and spend the money at home where it belongs. Right now, they can’t bring the money back in because of bureaucratic problems, because of certain legislation, and most importantly because the tax rate is so high that only a very foolish company head would bring the money back in. I think the numbers could even hit the $4 trillion mark. People have been saying $2.5 trillion for many years, but we know it’s now much higher than that.

The vast majority of Americans will be able to file their taxes on a single sheet of paper, because not only will these be massive tax cuts, but these will be a big simplification. It’s going to be a very big simplification. So it’s really tax cuts and reform, but I focus on tax cuts because it’s such an important weapon to get our country really moving.

So we’ll go from being one of the highest-taxed nations in the world to the one of the lowest taxed, meaning more jobs, higher wages, and more products stamped with the words: Made in the USA.

This is a once-in-a-lifetime opportunity, in my opinion. This is something that will be really unique. The timing is right. I have had people on both sides — and I promised not to mention the name of the people on the other sides, or names — but a lot of people are liking this very much, and I think we’re going to have tremendous support.

We’re going to restore America’s competitive edge, rebuild America’s middle class — very much aimed at the middle class — and renew the promise of the American Dream.

We’re going to have companies pouring back into our country instead of leaving our country. And we’re not going to have them leave and fire everybody, and make products and sell them back into our country totally untaxed. All we do is end up with lots of people without jobs and no product. It’s not going to happen anymore.

So I just want to thank everybody for being here. It’s a great honor. We’re going to have a great discussion today, and I’m sure we’ll have unanimous support. (Laughter.) I have no doubt, right? Right, Ron? I think, right.

So thank you very much, everybody. Appreciate it.

Q Mr. President, what did you say to Sergeant Johnson’s widow on the phone yesterday?

THE PRESIDENT: I didn’t say what that congresswoman said; didn’t say it all. She knows it. And she now is not saying it. I did not say what she said, and I’d like her to make the statement again because I did not say what she said. I had a very nice conversation with the woman, with the wife who was — sounded like a lovely woman. Did not say what the congresswoman said, and most people aren’t too surprised to hear that.

Q What was the (inaudible), Mr. President?

THE PRESIDENT: Let her make her statement again and then you’ll find out.

Q She is saying that you said this — the congresswoman.

THE PRESIDENT: Let her make her statement again and then you’ll find out.

Q Mr. President, on healthcare, where do you stand on the bipartisan healthcare bill?

THE PRESIDENT: We’ll see the bipartisan. We’re going to see the bipartisan. And Lamar Alexander is working on it very hard from our side. And if something can happen, that’s fine. But I won’t do anything to enrich the insurance companies because right now the insurance companies are being enriched. They’ve been enriched by Obamacare like nothing anybody has ever seen before. I am not going to do anything to enrich the insurance companies.

Okay, thank you very much, everybody. Thank you very much.

END – 11:40 A.M. EDT

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This entry was posted in Big Government, Big Stupid Government, Dem Hypocrisy, Legislation, Mitch McConnell, President Trump, Taxes, Uncategorized. Bookmark the permalink.

59 Responses to President Trump Meets With Senate Finance Committee Discussing Tax Reform…

  1. FL_GUY says:

    Wow, the media are idiots and propagandists. President Trump is discussing a great tax reduction for We the People. Instead of asking questions about how the new tax plans will help We the People, all they are asking about is one telephone conversation that a D-Rat congress critter lied about. I am confident, knowing President Trump, that he never said what that D-Rat claimed. President Trump is a genuine, kind and sincere person. I’m really sick and tired of the constant negativity the media and elitists keep directing at President Trump.

    Liked by 12 people

    • The enemedia is required to stick to the daily propaganda distributed by the dhimmicrat party. You are setting yourself up for daily disappointment if you expect them to actually report news.

      IMO the entire episode with the controversy surrounding yesterday’s PDJT phone call is a “LOOK SQUIRREL” from the enemedia. They are doing everything possible not to discuss the bombshell report about the FBI’s extensive bribery investigation into the circumstances surrounding the Uranium One deal. It turns out that the investigation results were suppressed and the Uranium One deal was allowed to be approved. How was it suppressed? It was never reported to Congress, as was required by law. What happened after the deal was approved? $145 million was donated to the Clinton Foundation. Who were leading the investigation from the FBI at the time? Rosenstein and Meuller. Did any of the enemedia report on this? Only Sean Hannity. No where else. This information has to lead to the conclusion that Meuller isn’t protecting crooked Hillary, he’s protecting himself. I will quote a post from another site: “This is akin to having OJ in charge of the Nicole Brown murder investigation.”

      Liked by 5 people

      • My apologies for posting my rant in the wrong thread.

        Liked by 1 person

        • woodstuff says:

          You did good. Thanks for posting here; I might have missed it. I don’t have the time to read everything, and many others are the same. God bless you.

          Liked by 2 people

            • backwoodsgirl123 says:

              Oh boy! This is going to get dicey!

              “The investigation was ultimately supervised by then-U.S. Attorney Rod Rosenstein, an Obama appointee who now serves as President Trump’s deputy attorney general, and then-Assistant FBI Director Andrew McCabe, now the deputy FBI director under Trump, Justice Department documents show.

              Both men now play a key role in the current investigation into possible, but still unproven, collusion between Russia and Donald Trump’s campaign during the 2016 election cycle. McCabe is under congressional and Justice Department inspector general investigation in connection with money his wife’s Virginia state Senate campaign accepted in 2015 from now-Virginia Gov. Terry McAuliffe at a time when McAuliffe was reportedly under investigation by the FBI. The probe is not focused on McAuliffe’s conduct but rather on whether McCabe’s attendance violated the Hatch Act or other FBI conflict rules.

              The connections to the current Russia case are many. The Mikerin probe began in 2009 when Robert Mueller, now the special counsel in charge of the Trump case, was still FBI director. And it ended in late 2015 under the direction of then-FBI Director James Comey, whom Trump fired earlier this year.

              Its many twist and turns aside, the FBI nuclear industry case proved a gold mine, in part because it uncovered a new Russian money laundering apparatus that routed bribe and kickback payments through financial instruments in Cyprus, Latvia and Seychelles. A Russian financier in New Jersey was among those arrested for the money laundering, court records show.”

              Okay, so they arrested the Russian financier, but not Hillary or Bill or any of the other players?

              Liked by 2 people

        • Maquis says:

          Believe me, that read as well as a direct response to the post above as could be.

          In fact, your summation of what should be a 24/7 news frenzy is as succinct and brief as one could ask for. It should be stapled to the foreheads of all the media and tweeted and texted far and wide. A very good job indeed.

          Liked by 3 people

      • Publius2016 says:

        The man delivered the merchandise himself!

        Like

    • Tegan says:

      Because they are mentally INCAPABLE of asking intelligent questions they might have to read and study on the topic. So much easier to ask stupid, biased “gotcha” identity politics ones. Morons, all of them!

      Liked by 1 person

  2. Publius2016 says:

    Happy that the President never backs down, but doubles down…Extreme Media needs to wake up! We have seen so many lies and double standards that everything you say will not be heard by the vast majority of the American People. We have people dying in the streets and then, the Victim goes on Ellen? We have FBI sanctioning the sale of 20% of our nuclear arsenal for kickbacks and bribes, and the questions you ask are about “Gold Star Partisans” and money for insurance?

    Liked by 4 people

  3. LBB says:

    Holding strong on not enriching the insurance companies. Yay!

    In regards to con woman’s statement, I hope someone from team Trump ran past her actual evidence to enlighten her (said wait for her new statement). We all know one or two words out of context makes a big difference. It will resolve itself one way or another.

    Liked by 2 people

  4. This may be wishful thinking but I hope President Trump dumps the ENTIRE tax code down the shredder and YES that INCLUDES the IRS! Honestly I don’t know if Trump can get tax reform done to this extent but if any President might try it it’s him

    Liked by 3 people

  5. fleporeblog says:

    Everything our President is proposing is fantastic! Especially on the Corporate and Small Business side of it. The overall plan will all come down to where the brackets are set. The income levels will determine if the plan will be approved. That 12% bracket will be the make or break. Do families that earn $200K fall within the 12% or the 25%. If they fall in the 12%, the majority of Americans will get a tax break. If not, there will be a % of Americans that will get hammered by the bill.

    In a perfect world the brackets would look like the following:
    – 0% those earning less than $12K as an individual
    – 0% those earning less than $24K as married

    – 12% those earning between $13K – 150K as an individual
    – 12% those earning between $24K – $250K as married

    – 25% those earning between $151K – $300K as an individual
    – 25% those earning between $251K – $600K as married

    – $35% those earning more than $351K as an individual
    – 35% those earning more than $601K as married

    Liked by 3 people

    • yy4u says:

      My RE tax bill is over $12K/year because we bought a house twenty five years ago in a neighborhood that became geographically desirable. Taking away that deduction would hurt us significantly. There is no way to put toothpaste back into the tube. The Uniparty has become used to buying votes with other people’s money. Those of us who pull the wagon are always going to be shafted by the gov. Somebody has got to pay for those riding free.

      Liked by 3 people

      • adoubledot says:

        I’m in the same boat but not as severe. When I moved into my house 14 years ago, RE taxes were $3,600/year. This year they’re $7,800. If that deduction goes away, but charitable contributions stay, I’ll just increase my giving to replace it. The Lord knows better than Congress what to do with what is His anyway.

        Liked by 3 people

      • carrierh says:

        yy4u: We thank God everyday for Prop 13 because even with it in CA we still get rooked. Constant fight to keep Prop 13 or face paying a lot more than 12K because housing even in our small city is way out of line for the average person.

        Like

      • fleporeblog says:

        yy4u I agree! I have a moprtgage on my home in NY and FL. Plus the cost of my property taxes. The $24K standard deduction will be less than what I itemized when everything they are talking about taking away is included. I must be honest that I am fearful what it will mean for my family.

        Like

    • LBB says:

      These numbers are what I ballparked too. For me, even with all my itemized deductions , I was never under 15% tax. Live frugally, but every time you think you’ll get a little extra, someone takes it . This year Illinois raised their state tax. Poof, yearly wage increase gone. 12% sounding good. Plus, less all the paperwork hassle.

      Liked by 1 person

      • fleporeblog says:

        LBB the brackets will make or break this bill! Supposedly they want to have an online system that allows you to put in the previous year’s return to show you a comparison.

        Like

      • Fe says:

        LBB, I was livid when I saw how much smaller my paycheck is now after that tax increase in July that Illinois foisted upon us. 😡 I’m fed up with getting a little ahead and then some jackwagon in government decides they need it more.

        Liked by 1 person

    • starfcker says:

      Fle, I like your positive thinking, but why should Wal-Mart get a lower tax rate than my business?

      Liked by 1 person

    • starfcker says:

      Fle, remember this, and if you can counter it, have at it. A revenue neutral tax cut is not a tax cut. And if you take that much off the top earners, big corporations, etc, somebody’s got to pay for that. That would be us tax donkeys. Now that I have read that this is Brady and Ryan’s idea, I’m much more confident that Trump will fix it before anything hits his desk. But the plan as it sits right now sucks, this is as bad as their border adjustment tax. Big business does not want tax revenues to go away. That’s the trough they feed on. I know spending cuts are going to have to happen separately from tax reform. But he needs to be very careful, you can’t raise middle-class taxes and get reelected. I guarantee I’m right about that.

      Liked by 1 person

    • backwoodsgirl123 says:

      Won’t work!

      Although the standard Poverty Line is $12,060 for one person in most states,
      in Alaska it is $15,060 and
      in Hawaii it is $13,860

      https://aspe.hhs.gov/poverty-guidelines

      and you can’t tax people that are at the poverty line. But even with that, someone manages NOT to be on food stamps and you want to tax them back on it?

      Monthly Gross Income of 130% of the poverty level $1,307.00 is the guideline for receiving food stamps and other benefits for a single person. Which is $15,684.00 a year. OR $1,005.00 Net monthly or $12,060.00 a year.

      If they start earning just a tad above that, they lose benefits.

      https://www.fns.usda.gov/snap/eligibility

      So, if you tax them, then you’ll tax them into further poverty? Nice guy!

      So, if someone makes $1083.33 a month, you want them to pay taxes? If our house wasn’t paid for, that would probably put me at homeless!

      Liked by 2 people

  6. yy4u says:

    President Trump should sign an XO taking away Congress’ sweet deal to exempt themselves from ObamaCare

    Liked by 5 people

    • Maquis says:

      Write him. That’s perfect.

      He can also inform Congress and the Nation that he will hold off on that EO until a date by which he expects the full repeal of Obamacare…if they fail, the Executive Order repeal of Congress’ exemption to be RETROACTIVE to the day they passed that Obamanation.

      Like

  7. ok4ayl says:

    I’m GLAD that POTUS is talking about “TAX CUTS” but why isn’t he discussing an EQUAL amount of “SPENDING CUTS” to coincide with tax reform. This would really bolster the economy……From a lonely fiscally conservative point of view….:)

    Like

  8. Claire McCaskill did not look happy to be there. She must be a real nasty woman!

    Liked by 4 people

    • dogueluv says:

      I wanted to reach through my monitor and slap her! I can’t wait to help vote her out of office. Counting down the days…I think she will be history next election.

      Like

  9. MVW says:

    That evil congresswoman wearing purple, purple is the new color for ‘Brown’ used by Nazi Brown Shirts. Like the Nazis, these are hateful evil people.
    Such a good color to be defamed.

    Liked by 1 person

    • Maquis says:

      I have been loving Purple coming back around, waited over thirty years…I will hate eternally anyone that screws that up.

      I am also waiting for real Blue Jeans to come back. You know, nice dark blue jeans, not the pre-shredded pre-soiled Euro-Crap they have been pushing for so long.

      Ugly is, well, ugly.

      Like

  10. Another Ian says:

    Maybe some other reforms too

    “Most Depressing Thing I Read Today
    October 18, 2017, 10:29 am

    On the Dell web site, at the head of a no-export agreement I had to sign:

    The U.S. government views exporting as a privilege, not a right.

    Of course, my home state of Arizona considers every commercial transaction to be a privilege, not a right.”

    http://www.coyoteblog.com/coyote_blog/2017/10/most-depressing-thing-i-read-today.html

    Liked by 1 person

    • Maquis says:

      WTF? The Constitution never granted such piwers to the Feds!!

      I may need to take a break for awhile…I am getting seriously pissed off right now.

      The Tree of Liberty is looking a little parched.

      Liked by 1 person

  11. Orin Hatch looks like he ate a whole jar of pickles!

    Like

    • whoseyore says:

      Yeah, pretty clear what he and the senator on the other side think of him. Even when he talks about American Made goods and jobs being helped by this, they make it clear that they don’t want that for us.

      Like

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