President Defends Puerto Rico Hurricane Response Touts Tax Cuts Plan CSPAN September 29, 2017 9:40pm-10:16pm EDT
of your parts. you learn to trust your passion and let it lead the way. without humanities and arts programs, i would not be standing here. without alexander hamilton and the countless other immigrants who built this country, very few of us would be here. announcer: "american history tv" all weekend, every weekend, only on c-span3. president trump talked about hurricane relief efforts and tax reform legislation at a meeting of the national manufacturers association. this is 35 minutes.
mr. timmons: this is manufacturing's moment. manufacturers have never been as enthusiastic as now. i know we are all excited about our special guest and the momentum on tax reform. we need you all to share that enthusiasm on social media and build our grassroots following. you can do that by texting "actontax" to 52886. in the spirit of our next speaker, i just tweeted come as you can retweet me -- tweeted, so you can retweet me. i am also very pleased to release the third-quarter 2017ts of the nam's manufacturing outlook survey, which shows our members continue to believe that the future is bright. report a positive
outlook for their company. that means optimism among manufacturers has reached the highest three-quarter average in the history of our 20 year survey. more than 90%. compare that -- absolutely. [applause] that is worth celebrating. more than 90%. compare that to last year's's average of just under 60%. we have a leader in the white house who has made manufacturing the engine of our country, and most important leak, -- and most that rayly, american workers is priority. american factory workers his priority.
he has unleashed energy development, protected intellectual property, and given manufacturers more confidence to invest in the future. we have an administration and a congress who have delivered results. forwe have leaders fighting that biggest and boldest reform that will boost manufacturing and raise standards of living all across our great country, from conferences -- country. when comprehensive business taxes are reformed, there will be more jobs in america. there will be more wealth created in america for all americans. [applause] so listen to these incredible numbers. almost 65% of you say that you would increase capital spending. 64% say you would expand your businesses.
57% of you would hire more workers. 52% of you say you will increase wages and benefits. this is good news for america. [applause] there is absolutely no excuse for defending the status quo, and for those who are already spouting negativity about our tax reform plan, they are doing exactly that. today's tax code lets other countries win, and our workers and their families are paying the price. we have an obligation to speak out. it is time to go big. it is time to go bold. manufacturers are grateful to have a president who agrees. tradition thated has included presidents mckinley, kennedy, reagan, clinton, bush, and many others, the national association of manufacturers is pleased to welcome a true champion for our
[applause] thank you very much. thank you all. thank you very much. i'm taking up a lot of television time, but that is ok. thank you very much. it is great to be here with the national association of manufacturers. i especially want to thank your president jay timmons, along with all of the members of congress that are here today. they are working hard, i will tell you that. i would like to begin by sending our thoughts and prayers to the people of puerto rico, who have been struck by storms of historic and catastrophic severity. people have never seen anything like this. we have undertaken a massive
federal mobilization to assist puerto rico, including the presence of over 10,000 federal personnel, including 5000 u.s. military and national guard personnel led by a very strong and talented three-star general. all appropriate departments of our government from homeland security to defense are engaged fully in the disaster and the .esponse and recovery effort probably has never been seen for something like this. this is an island surrounded by water. big water. ocean water. with they coordinated territorial and local governments which are totally and unfortunately unable to handle this catastrophic crisis
on their own, just totally unable. the police and truck drivers are very substantially gone. they are taking care of their families, and largely unable to get involved, largely unable to help. therefore we are forced to bring in truck drivers, security, and many other personnel by the thousands, and we are bringing them onto the island as we speak. we've never seen a situation like this. the electrical grid and other infrastructure were already in very poor shape. sendwere at their life and priorheir life's to the hurricane, and now virtually everything has been wiped out, and we will have to really start over again.
we are literally starting from scratch. ultimately the government of puerto rico will have to work with us to determine how this massive rebuilding effort will end up being one of the biggest ever will be funded and organized, and what we will do with the tremendous amount of existing debt already on the island. we will not rest, however, until the people of puerto rico are safe. these are great people. we want them to be safe and sound and secure, and we will be there every day until that happens. likewise, we are working closely with the virgin islands on the disaster recovery, and that effort is going very, very well. both governors, i have to tell you, of puerto rico and of the
virgin islands, have been extremely good. they are working so hard. but there is nothing left. it has been wiped out. the houses are largely flattened. the roads are washed away. there is no electricity. the plants are gone. it is not like, let's send in a crew to fix them. you have to build brand-new electric, sewage systems. never been anything like this. there remains a lot of work to theand we will work with folks we are working with right now. they are trying very very hard, but nobody has ever seen anything like it. we are here today at the national association of manufacturers to discuss our vision for america's economic revival, and to celebrate the people whose vision and products
stock our shelves, fill our homes, and enrich our lives. i want to express a special gratitude to the incredible workers on stage. congratulations. [applause] they are the ones, and millions you,here -- not as good as but they are very good -- whose dedication and drive makes this country run. it is a great honor to be here with the men and women whose creations power our communities and protect our nation. we are all here today for the same reason, because we believe thatat beautiful phrase hasn't been used so much over the last three decades, "made in
the usa." [applause] it is a phrase that fills our hearts with pride, and they embody the skill, grit, and drive of the american worker. the single best tribute to our workers can be found in the unmatched quality and craftsmanship of the amazing products they bring from the blueprint to the storefront. made in the usa is a global symbol of unrivaled excellence. my administration is working every day to lift the burdens on our companies and our workers so that you can thrive, compete, and grow. plane very center of that massivent, beautiful,
-- the biggest ever in our country -- tax cut. [applause] for decades the policy of washington dc on the subject of manufacturing was a policy that summarized in one word, surrender. they surrendered. under my administration, the the era of economic surrender is over and the rebirth of american industry is beginning. america is winning again, and america is being respected again. you see that happening all over. you see the five plants that were announced recently, auto plants. so many people are coming back into this country. they want to be back in. other countries are bringing their companies and sending the companies in. they all want to be back, and
that is great for our worker. front in every way come on every policy we are guided by the same economic goal to keep jobs in america, to bring jobs to america, to create real prosperity for america, the country that we love. that is why we have lifted the restrictions on american energy, ending the war on coal, approving the keystone xl and s --ta access pipeline and i will tell you something, i did that immediately. 48,000 jobs, and everybody is happy. and reversing the epa intrusion into your business and your lives. instead, we are returning the epa to its core mission, clean air and crystal clean water.
that is what we want. we want clean air, we want clean water. we are fighting to create fair and reciprocal trade for american companies, and the word reciprocal is so important. lifting barriers to our exports, cracking down on countries that , oft -- at -- that sheet which there are many, and leveling the playing field for our great american workers and companies. when our workers have a level playing field, no one, absolutely no one, can beat us. [applause] right? right? we've also taken his direct to protect our manufacturing and defense industrial base.
my administration has ordered a first ever complete review of the manufacturing technology and supply chains we need to protect our country. we cannot have national security without economic security. to further unleash american enterprise, we have taken unprecedented steps to remove job killing regulations that sap the energy, creativity, and dynamism from our country. we are cutting regulations at a pace that has never even been thought of before, not even thought of. this is a groundbreaking campaign and involves every department and agency across our government. we are requiring every federal manager to systematically review , and then removed, the regulations that destroy your jobs, hamstring your companies, and undermine your ability to compete. , but wesome regulations
don't need 35 regulations to take care of one item. through nine to go different agencies to get something taken off. we want beautiful, fast, efficient regulation that works. [applause] you. already we are seeing the results of an economic policy that puts a america first. unemployment is at a 16 year low. wages are rising. the stock market is soaring to record levels. the s&p hit a record high just this morning, as i was coming over. gdp growth hits over 3% last quarter. it was just adjusted yesterday, and is now at 3.1%, a number that hasn't been seen in a very, very long time, and a number
that is way ahead of schedule. [laughter] [applause] -- that is way ahead of schedule. [applause] and i believe we are doing better this month, but having thely hurricanes hitting texas and florida and louisiana and obviously other locations, especially where we are right now with the kind of money we are spending on puerto rico and virgin islands, it is going to be a little bit of a hit, but we are doing extremely well even this quarter, despite the hurricanes. manufacturing confidence is at an all time high. america is finally back on the right track, but our country and our economy cannot take off like they should unless we transform complex, anddated, extremely burdensome tax code. it is a burden on our country.
[applause] we have a once in a generation opportunity to pass tax reform that is pro-growth, pro-jobs, pro-worker, profamily, and pro-american. our current tax code punishes companies for doing business in the united states and encourages them to leave. that is what has happened for so many years. that is one of the reasons, probably the prime reason, that companies are leaving our country and firing all those people. they are not bringing the jobs with them. they are giving other countries those jobs, firing all those great people. that is stopping. that already started to stop about nine months ago. that is stopping right now. we need a tax system that encourages companies to stay in
america, grow in america, and hire inn america -- and america. [applause] for several months my administration has been working closely with congress to develop a framework for tax reform that will deliver exactly that, more jobs, higher pay, and lower taxes for middle income families and american businesses of all sizes. these are businesses that create jobs. unveiled an incredible inmework on wednesday indiana, a great state, and i would like to share with you four core principles of our plan. first, we will cut taxes for every day hard-working americans , and we are going to cut them
substantially. the first framework, $12,000 for a single individual, the first $24,000 for a married couple, will be absolutely tax-free. no tax. we are nearly doubling the amount of income that is taxed at a rate of zero. above that amount, income will be taxed at three rates -- 12%, 25%, and 35%. we will also substantially increase the child tax credit to save working families even more money because we know the most important investment our country can make is in our children. framework also provides relief to those who care for an older loved one through a $500 tax credit, something that everybody has been wanting so badly for so long.
by eliminating the tax breaks and special interest loopholes that primarily benefit the wealthy, our framework ensures that the benefits of tax reform go to the middle class come and not the highest earners -- class, not the highest earners. that is why we give the flexibility to add an additional rate for the highest earners to add additional income relief for those hard-working americans. it will be simple, fair, and easy to understand. american families and businesses waste billions of dollars on excruciating paperwork and compliance every single year, and it never ends. under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper.
we are also repealing the unfair and complicated alternative minimum tax, or amt. the amt requires many people to calculate their taxes two different ways and pay the higher of the two amounts. loopholes,ing reducing burdens, and replacing confusion with total clarity. as part of the simple a vacation, we are also going to protect millions of family by ending the crushing, horrible, and unfair estate tax, also known as the death tax. [applause] that means for those of you with small and family-owned businesses, your family won't have to sell the business in a fire sale just to pay a very
high and unfair tax. your families can continue to run your business is with love and dedication in reverence of you. -- in remembrance of you. we will make taxes simple, easy, and fair for all americans. and it is about time. [applause] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a large bipartisan majority. this sounds so nice. [laughter] wouldn't that be nice? we have so many right here. raise your hands, fellows. bill substantially
reduced our business tax rate to make america globally competitive. the plan worked. the jobs and industry boomed. other countries saw our success and copied our playbook. our foreign competitors adopted tax rates much lower and much more competitive than our own. in fact, when it comes to business tax, we are now dead last among developed nations. we pay the highest tax of any nation in the world. our rate is the least competitive rate there is. our business tax rate is 60% higher than our average economic competitor. think of that. then you say, how do you compete? in many cases, you don't. companies leave. they go to other countries.
it is a massive tax on every , givingmade in america countries like germany, canada, japan, south korea, china, and mexico, not to mention so many others, a massive head start over american industry. last time to go from dead to pretty much the front of the pack. [applause] pretty much. we won't be the lowest, but we will be getting pretty close. under our framework we will dramatically cut the business tax rate so that american companies and workers can beat our foreign competitors. [applause] we will cut the business tax
rate from 35% all the way down , below our average competition by far. change,a revolutionary and the biggest winners will be everyday working families as jobs start pouring into our country. [applause] when companies leave our shores, it is american workers who get hurt. they get fired. when companies stay in america and moved to america, it is our wonderful workers who reap the benefits and the rewards. for the majority of american manufacturers that file taxes as sole proprietors or corporations or partnerships, we will cap your tax rate at a maximum rate -- unlike present -- of 25%. [applause]
this will be the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years. the lowest in 80 years. [applause] it will be rocket fuel for our economy. to further help our companies to compete, for the next five years our framework will allow you to fully write off the cost of new equipment in the year you buy it. think of that one. to me that is so big. [applause] so you don't take it over many years. you take it immediately upon when you buy it. that will be something that people have never seen before, and it will be great. it will be truly great.
that means more production, more investment, and far more jobs. productst to make more made in the usa, then we have to reduce taxes on the businesses that produce in america, and with your help that is exactly what we are going to do. finally, our framework -- and you see what is happening with companies offshore -- encourages american companies to bring back trillions of dollars in wealth. our current tax code actually punishes companies for keeping their headquarters in america and discourages them from bringing back the profits they earned overseas. we are going to reverse that.
right now we have at least $3 trillion overseas. i must tell you, i have been following this for six years, and republicans and democrats have always said we want that money to come back. they all agree, and they still never got it done. we are going to bring everybody together and get that done. [applause] we will illuminate the penalty on bringing back the future earnings to the united states in full, and we will impose a one time low tax on money currently parked overseas so it can be brought home to america where it belongs. for too long our tax code has incentivized companies to leave our country in search of lower
tax rates. my administration rejects the offshore and model, and we have embraced a new model called the american model. we want companies to hire and grow in america, to raise wages for american workers, and to help rebuild american cities and towns. americanrow manufacturing, we not only grow our jobs and wages, but we also grow america's spirit. when we purchase products made in america, fashioned by our fellow citizens, we renew the bonds of national loyalty that link us all together as one. there is a great patriotism that lives inside the men and women who leave their hearts on the factory floors, who pour their hopes into the works of iron and steel, and who turned to reims into reality -- turn dreams into
reality with their own two hands. when they huddle in the break room, at the rest stop, or at the end of a long and very tiring shift, they take pride in knowing that the products they work and make aren't just building business. they are building families and communities, and most of all, they are building this nation that we all love so much. [applause] we want every american to know the dignity of work, the pride, the beautiful pride of getting a paycheck, the satisfaction of being told that was a job well done. we want every parent to be able
to care for their children, and we want every child to know a home filled with love and a community filled with hope. that is the america we see when we look at our american flag that hangs in all of our sales our oceans, and weighs over our cities, towns, and fields. we love our american flag. [applause] the soul of a country is found in the people who make it a home , and we owe it to our citizens to provide them with a future of opportunity where they can earn a living with dignity and purpose and pride. we can build this future together as one team, one people, and one great american family.
this can be run a bird as the moment we took control of our destiny and shows -- remembered as the moment we took control of our dignity and chose american prosperity and pride. with your help and your voice, we will bring back our jobs, bring back our wealth, and for every citizen across this land, we will bring back our great american dream. thank you. god bless you, and god bless america. thank you very much everybody. [applause] thank you. ♪