Trump on Taxes: It’s Time to ‘Heal This Self-Inflicted Economic Wound’

President Donald Trump urged congressional Republicans and Democrats to come together to pass tax reform and “to deliver this giant win for the American people and begin a middle-class miracle,” during a speech Wednesday in Indianapolis, Indiana.

The Trump administration, the House Committee on Ways and Means, and the Senate Committee on Finance unveiled their long-awaited tax overhaul plan Wednesday, dubbing it the “Unified Framework For Fixing Our Broken Tax Code.” After a series of embarrassing failures to deliver the health care reform their party promised during the 2016 elections, Republicans touted their plan, which attempts to simplify the tax code, slash tax rates for businesses, and lower tax rates for both individuals and families.

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“My fellow Americans, this is the right tax cut, and this is the right time,” Trump said. “Democrats and Republicans in Congress should come together — finally — to deliver this giant win for the American people and begin a middle-class miracle.”

“We’re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we’re going to bring back the jobs and wealth that have left our country and most people thought left our country for good,” he added. “We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and, yes, tax reform that is pro-American. It’s time to take care of our people, to rebuild our nation and to fight for our great American workers.”

The president warned that the United States and its economy “cannot take off like they should unless we dramatically reform America’s outdated, complex and extremely burdensome tax code,” adding that it is “a relic” that simply must go.

The new tax plan would serve as a template for the congressional tax-writing committees tasked with crafting the legislation, and it offers several key provisions.

“Today, we move one step closer to fixing our broken tax code so that it puts Americans first,” House Speaker Paul Ryan (R-Wis.) said in a statement Wednesday. “This is our best opportunity in a generation to deliver real middle-class tax relief, create jobs here at home, and fuel unprecedented economic growth.”

“Under President Trump’s leadership, we are determined to finally give the American people the simpler, fairer, and more competitive tax system they deserve,” Ryan added.

Lowering tax rates for individuals and families is key to the proposal, and the GOP plans to shrink the seven tax brackets into just three: 12 percent, 25 percent and 35 percent, allowing room for a potential addition geared toward the wealthiest Americans. The plan doubles the standard tax deduction for middle-class families that would allow them to pocket larger portions of their paychecks, while increasing the Child Tax Credit.

The GOP’s plan would eliminate tax loopholes for the wealthiest Americans while retaining key tax incentives for charitable donations, home mortgage interest, education and more. The plan also repeals the so-called death tax while eliminating the Alternative Minimum Tax, which had forced Americans to do their taxes twice. In addition, the plan would reduce small and family-owned businesses’ tax rates to 25 percent.

Republicans emphasized that their new tax plan would fulfill Trump’s “America First” agenda by leveling the playing field for American business on the global scene, boosting the economy, bringing profits back to the U.S., and preventing offshore and overseas companies from taking advantage of American workers and businesses.

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“It’s a refreshing change from our current outdated tax code, which for too long hasn’t worked for many Americans,” Senate Majority Leader Mitch McConnell (R-Ky.) said in a statement Wednesday. “This is our once-in-a-generation opportunity to fundamentally rethink our tax code.”

The GOP’s joint tax initiative also earned the full-fledged support of some of Congress’ most conservative hardliners: the House Freedom Caucus.

“President Trump has delivered a forward-looking tax reform framework that will let hard-working Americans keep more of their money, simplify our system, end carve outs for special interests, and will help make our businesses competitive abroad,” the caucus said in a statement Wednesday. “The Freedom Caucus looks forward to sending a final bill based on this framework to President Trump’s desk as soon as possible.”

Rep. Diane Black (R-Tenn.) said in a statement Wednesday that “this is truly a historic opportunity for our country” to deliver an unprecedented level of relief to hardworking Americans and their families while boosting the economy.

“Americans deserve better. Our goal from the beginning was to create a simpler, fairer and flatter system, and I believe we have done just that,” Black said. “We believe this will be a catalyst for more jobs, bigger paychecks and fairer taxes — this framework is pro-America. Plain and simple.”

Rep. Jody Hice (R-Ga.) said “this bold, new proposal is just the first step toward creating a system that is both competitive and fair” in a statement Wednesday.

“I’m pleased that it will empower Americans to take home more of their hard-earned paychecks and enable businesses of all sizes to grow and thrive. We’re moving in the right direction, and I’m proud to be a part of this long-overdue reform effort,” Hice added.

Trump also made the effort to reach across the political aisle in his speech Wednesday as he urged Democrats to join with Republicans in delivering desperately needed tax relief to Americans across the board.

“Tax reform has not historically been a partisan issue, and it does not have to be a partisan issue today. I really believe we’re going to have numerous Democrats come over and sign because it’s the right thing to do,” Trump said.

“Call your congressmen, call your senators, let them know you’re watching. Let them know you’re waiting. Tell them that today is the day for decision, that now is the time to heal this self-inflicted economic wound, and that with their action the future will belong to all of us,” he added.

“If you demand it, the politicians will listen. They will answer and they will act,” Trump continued. “And someday many years from now our children and our grandchildren will remember this moment in history as the time when ordinary Americans took control of their destiny and chose a future of American patriotism, prosperity and pride.”