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President Trump makes closing argument for the GOP-tax-plan
The President said: “huge tax cut for Christmas’ to breathe new life into the U.S. economy, providing more jobs and higher wages, and massive tax cuts for American families and businesses.
President Trump on Wednesday in his closing argument for the surrender of a fundamental tax reform package, dangling the prospect of the Americans tax cuts in February, if Congress can pass a bill by Christmas.
“We are so close now, so close,” the President said during a speech at the White house.
The President spoke as house and Senate negotiators, the convening of a meeting, on a compromise plan, it still must pass both chambers. Trump declared that they have reached an agreement, “more jobs, higher wages and a massive tax relief for American families and for American businesses.”
Then he lit a fire under the Congress a bill get to his Desk in the next week.
“I am pleased to announce that if Congress sends me a bill before Christmas, the IRS-this is just, this is breaking news — has just confirmed that the Americans will see lower taxes, starting in February,” Trump said. “Only two short months from now.”
GOP leaders hammering out in Congress, to plan deal for a planned 1.5 trillion Dollar compromise.
Both chambers have passed to pay the taxes, but you now have to mix in a final part of the legislation.
“We are so close now, so close”
President Trump on tax reform efforts
“We want you, the American people, a huge tax cut for Christmas,” said the President. “If I were giant, I mean giant say.”
Trump said in his speech that a family of four earning $75,000 per year, would bill an income tax cut of more than $2,000, and reduce your tax in half, if prescribed.
“Our current tax code is said to burdensome and unfair,” Trump. “It is exported, our jobs, our factories closed and left millions of parents worried that their children have fewer opportunities than the last. Our factories have left.”
Trump said the bill for the expansion of the child tax credit for working families, saying: “listen to the numbers, very soon.”
“You are even greater than we expected,” he said.
After the legislative process of the merger of the tax is to complete bills, it is sent back to the house and the Senate for final passage. A final vote is expected next week.
During his speech, the President, several families invited to come to the podium and say, how the tax reform would have an impact.
“With the tax savings, we will see, we will work the money in renovation,” a man said.
Ryan on tax reform: The results will speak for themselves
In a flurry of last-minute changes that could affect the finances of millions of Americans, the house and Senate negotiators agreed to extend the deduction for state and local taxes to allow individuals to deduct income tax and property tax. The deduction is valuable for residents in high-tax States like New York, New Jersey and California.
The negotiators also agreed to the corporate income tax rate at 21 percent, said two congressional aides, who spoke only on the condition of anonymity because they are entitled to publicly discuss the private negotiations. Both the house bill and the Senate would have lowered the corporate rate from 35 percent to 20 percent.
The negotiators also agreed to cut the top tax rate for individuals from 39.6 percent to 37 percent in a gift for the richest Americans. The reduction is sure to provide ammunition for the Democrats, who complain that the tax package is a massive giveaway to corporations and the rich.
The final adoption of the law in the house of representatives and the Senate Trump would win his first major legislative. But Democrats are already doing a further obstacle, with the argument of the last Senate vote should be delayed until January when the newly elected Alabama Democrat Doug Jones joins the Senate and narrowed the GOP majority of 51-49.
Fox News’ Joseph Weber and The Associated Press contributed to this report.
Alex Pappas is a political reporter at FoxNews.com. Follow him on Twitter at @Alex Pappas.