President Donald Trump on Wednesday urged both Republicans and Democrats in Congress to support his plans regarding tax reforms, The Hill reports.
“This is our once-in-a-generation opportunity to deliver real tax reform for everyday hardworking Americans, and I am fully committed to working with Congress to get this job done, and I don’t want to be disappointed by Congress,” Trump noted.
Trump’s plan is based on four principles- a tax code that’s simple and easy to understand, a globally competitive tax code, tax relief for middle-class families and bringing back trillions of dollars in money held overseas.
The president was encouraged by new data released ahead of his speech that found the economy noted a rise of 3 percent in the second quarter, the highest growth rate since the first quarter of 2015.
“We just announced that we hit 3 percent in GDP. It just came out. And on a yearly basis, as you know, the last administration during an eight-year period never hit 3 percent, so we’re really on our way.” Trump stressed.
After failing to repeal ObamaCare, the White House is eager to hang its first major legislative victory on the board and Republican leaders in Congress are under pressure to deliver, The Hill comments.
During the last two weeks, Trump has been clashing with Republican leaders over his stalled agenda, as he openly feuded with Senate Majority Leader Mitch McConnell, who has reportedly expressed concern that the president may not be able to salvage his administration.
Trump also attacked Speaker Paul Ryan, who he blamed for creating a political “mess” around the debt ceiling. On the other hand, Ryan and other key congressional Republicans on tax reform were positive about Trump’s speech.
Democrats suggested that Trump’s tax plans could be beneficial to the wealthy, since proposals from the White House and the Trump campaign have been found in analyses to largely benefit the rich.
“The President said today he wants to unrig the economy, which begs the question: unrig it for who? If President Trump’s previous tax plans are any indication, the wealthy and big corporations will be the ultimate winner at the expense of the middle class.” said Representative Richard Neal, the top Democrat on the House Ways and Means Committee.