President Donald Trump told an audience of conservative activists that his tax plan will “massively lower” taxes for the middle class as well as reduce rates on American businesses, during a wide-ranging speech that also touched on repealing Obamacare and building up the U.S. military.
“We’re going to massively lower taxes on the middle class, reduce taxes on American businesses and make our tax code more simple,” Trump told the annual Conservative Political Action Conference, being held just outside Washington. Trump skipped the gathering last year, angering organizers.
Trump said last week that he would release a tax proposal following a separate plan to undo President Barack Obama’s health-care law. He said the health-care plan would come “sometime in early March, mid-March.”
Pence: ‘Obamacare Nightmare Is About to End’
U.S. Vice President Mike Pence, declaring that the “failed” Affordable Care Act “must go,” assured an annual gathering of conservatives that the Trump administration will repeal and replace it, and urged them to mobilize to push back against Democrats. Photo: EPA
During the presidential campaign, Trump called for a 15% tax rate for U.S. corporations as well as cutting individuals’ rates. On Thursday, Treasury Secretary Steven Mnuchin said the administration would like to see a tax overhaul by August. But analysts have said that goal is unrealistic given the complexities of working out reform with lawmakers.
One lingering question is whether Trump will adopt House Republicans’ controversial border adjustment tax, which would tax imports but exempt exports. In an interview with Reuters on Thursday, Trump said the proposal “could lead to a lot more jobs in the United States.” But he did not specifically endorse the proposal.
Trump may provide more clues when he addresses a joint session of Congress on Tuesday.