Job Creation Coming from President Trump’s Tax Reform

Job Creation Coming from President Trump’s Tax Reform

Job Creation Coming from President Trump’s Tax Reform

President Donald Trump kicked off his lobbying effort for a tax overhaul at an event with a Midwestern manufacturing backdrop and some economic tough talk in the “Show Me State”

In Springfield, Missouri, Wednesday, President Trump said that the White House said will focus on his “Vision” for spurring job creation and economic growth by cutting rates and revising the tax code.

After a year with no major legislative wins, the stakes are high for the White House and GOP leaders, who face mounting pressure to get points on the board before next year’s midterm elections.

The tax push comes as an intense September workload that requires Congress to act by month’s end to fund the government and raise the debt limit, as well as pass emergency spending for the Harvey storm disaster.

Many Republicans believe they must produce on taxes or face a reckoning in next year’s congressional midterm elections. If they do not have something to show for full control of Congress and the White House, voters could try to take it all away, beginning with the GOP’s House majority.

On Twitter Sunday, President Trump previewed his trip, stressing the politics.

Calling Missouri a “wonderful state,” he said the state’s Democratic Sen. Claire McCaskill is “opposed to big tax cuts” and said a “Republican will win” the state.

President Trump kicked off the effort off in Springfield, considered the birthplace of the historic Route 66 Highway, known as “America’s Main Street.”

Emphasizing domestic jobs, he is appearing at the Loren Cook Company, which manufactures fans, gravity vents, laboratory exhaust systems and energy recovery ventilators.

A Key challenge is to frame a tax plan that could include cuts for corporations and top earners as a boon for the middle class.

President Trump argues that cutting business taxes will benefit American companies and workers. The remarks were drafted by President Trump’s policy adviser Stephen Miller with the speech-writing team, under his guidance.

President Trump was joined by Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, Gary Cohn, director of the National Economic Council, and Small Business Administrator Linda McMahon.

Missouri elected officials, including Sen. Roy Blunt and Gov. Eric Greitens, as well as local business owners joined the President at the event.

“If you’re a Republican, you have to be encouraged by the president’s recent focus on tax reform,” said Brian McGuire, former Chief of Staff to Senate Majority Leader Mitch McConnell (R-KY).

“Not only does presidential leadership make the chances of success here far more likely, it could also very well be the difference between Donald Trump presiding over a jobs boom and Nancy Pelosi presiding over an impeachment trial.”

To clear priorities and focus to rewriting the tax code, Congress will need a steady partner in the White House.

The Trump Administration released a one-page set of goals in April, followed by a joint statement in July with congressional leaders.

In an interview last week, Mr. Cohn said the White House and GOP leaders have agreed on a “good skeleton” for a tax overhaul, and said the House tax-writing committee would be drafting legislation while the White House tries to sell the plan.

Republican House Speaker Paul Ryan touted tax reform efforts during an appearance in suburban Seattle last week. He pledged to simplify the code, calling it “the worst, the least competitive tax system in the industrialized world.”

President Trump promised the largest tax cut ever, saying he’d like to see the corporate tax rate drop from a top tax rate of 35% to a Top rate of 15%.

Mr. Cohn said a bill could be passed in the House and Senate by year’s end, pushing back the administration’s timetable for a bill to reach the president’s desk. The White House had said previously that it expected final passage in November.

Mr. Cohn said that if Democrats are not interested in working together, they will pursue legislation using a maneuver that only requires Republican votes.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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