President Trump Pushes Tax Proposal in Indianapolis Speech CSPAN September 27, 2017 8:47pm-9:33pm EDT
[applause and cheers] donald trump: thank you very much. you just want massive tax cuts. that's what you want. that is the only reason you are going so while, but it is wonderful to be back in the great state of indiana. what a place. [applause and cheers] thank trump: i want to senator tom young, senator joe donnelly, representative jacky larceny, representative susan brooks, and representative mike for joining us today. thank you very much, appreciate it. i also want to thank members of my economic team, secretary stephen management and -- steven forhin director gary cohen
, joining us, as well. [applause] donald trump: let me begin by saying that our hearts and prayers go out to the people of puerto rico and the virgin islands who are suffering in get another wake of a catastrophic hurricane, and their island was virtually destroyed. federal agencies are working closely with local partners to help these communities back on their feet as soon as possible . texas, florida, and louisiana are doing great in the recovery process that is happening very, very quickly. i will be going down to puerto rico next week to be getting an on the ground briefing about the disaster recovery and to see all of our great first responders and to meet a lot of the people who were so affected by these storms. we are with you now, i tell them, and we will be there every step of the way until this job is done. it is truly catastrophic what happened in puerto rico.
[applause] and massive amount of water, food, and supplies are being delivered by the way on an hourly basis. it is something that nobody has ever seen before from this country. i can tell you that. i am all proud of the folks of fema, all of the first responders, police who have gone to the island because their police force has been so badly affected, and many of the policeman, in fact most of the police people have lost their homes, and it has been a tough go, but we are going to get it back. before we go on to discuss our largest tax cut in our country's history, i also want to provide a brief update on health care. we have the boats -- votes on graham cassidy, but with the rules of reconciliation, we are
up against a deadline of friday, two days. that is just to days -- two days . and a guess vote senator, -- yes , greatnator, a great senator who is home recovering from a very tough situation. and with so many great teachers including all of the block granting, the money to the states, etc., etc., our health care plan is really going to be something excellent. it is going to be better managed for the people that it serves. having locale health care -- local health care representatives is better than having health care representatives from washington dc. [applause] donald trump: and many, many governors as you also see have agreed with us and approved it
and really look forward to running it properly. but again because that reconciliation window is about to close, we have to wait a few months until it reopens before we take a vote. so we are getting all of the good signs from alaska to repeal and replace obamacare. i was hoping this would be put on my desk right after we won the election &, but it did not --and sign, but it did not work that way. i will not say anything. but early next year when we conciliation kicks back in long before the november election, we are going to have a vote, and we are going to get that through, and i think we will get it through easy. speaking of reconciliation, the republican senate needs to get the filibuster rule which is blocking so many great legislative reforms the american people want or deserve. by the way, the democrats, they
had the opportunity, which hopefully they won't for many, many years, and get rid of it on day one. most of you know exactly what i am talking about. we are here today in to announce our framework to deliver historic tax relief to the american people. [cheers and applause] donald trump: this is a once in a generation opportunity, and i guess it is probably something i guess i could say i am very good at. i have been waiting for this for a long time. we are going to cut taxes for the middle class, make the tax code simpler and more fair for every day americans to bring back the jobs and wealth that have left our country, and most
people thought left our country for good. [cheers and applause] donald trump: we want tax reform pro-jobs,ogrowth, pro-worker, and profamily, and yes tax reform that is , pro-american. [cheers and applause] it is time for us to take care of our people, to rebuild our nation, and to fight for our great american workers. [applause] indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens. this state has claimed a
powerful content -- powerful competitive edge built on less regulation and are we cutting regulation. [cheers and applause] donald trump: and businesses all across the country have taken notice. in recent years, indiana has welcomed dozens of companies fleeing high-tech states. thousands of jobs of new capital investment have followed, meeting a better quality of life for the people of indiana. all of this is possible because the people of this state have made a decision. they chose to make indiana competitive again. choice was and their so important, it included electing a governor, who you may have heard of, who signed the largest income tax cut in the
history, our very very terrific person and terrific vice president, mike pence. [applause] [applause and cheers] donald trump: it is time for washington to learn from the wisdom of indiana. we need washington to promote american jobs instead of obstructing them. that is what i have been working to achieve every day since i took office. that is what i talked about of -- on the campaign trail. already we are seeing results of an economic policy that finally puts america first. [applause] donald trump: unemployment is at a 16-year low.
unemployment for african-americans is near its lowest point since the turn of the millennium. really a fantastic thing. [applause] wages are rising, optimism among manufacturers has reached all-time highs. reachedth last quarter way ahead of schedule. nobody thought that would happen for a long time. [applause] this quarter,and i believe, would have been better, but the hurricanes will have an impact. but other than that, it would have been in my opinion even better. your government is working for you once again, not for the donors, not the special interests, but the hard paying -- hard-working taxpaying citizens of our country. [applause]
america is back on the right track, and i see so many red hat make america great , again. that is what we are doing make , america great again. [cheers and applause] donald trump: but our country and our economy cannot take off like they should unless we dramatically reform america's outdated, complex, and extremely burdensome tax code. it is a relic. got to change it. got to compete, compete with other countries. the current tax system is a colossal barrier standing in the way of america's economic comeback, because it can be far greater than it has ever been. but we are going to remove that barrier and create a tax system that our people finally, finally , finally want and deserve. for several months, my
administration has been working closely with congress to develop the framework for tax reform. over the next few months, the house and senate will build on this framework and build legislation that will deliver more jobs, higher pay, and lower taxes for middle-class families, for the working man and woman, and for businesses of all sizes. i look [applause] i look forward to working with congress to deliver these historic tax cuts and reforms to the american people. these tax cuts are significant . there has never ben tax cuts like what we are talking about. our framework is based on four key ideas. we will cut taxes for the first, everyday hard-working americans, the people that work
so long, so hard, and they have been forgotten. but they are not forgotten anymore. i think we proved that on november 8. [applause] under this: framework, the first $12,000 of income earned by a single individual will be tax-free. [applause] and a married couple will not pay a dime in taxes on their first $24,000 of income. $24,000, couple, up to can spend their money on a family, on their children, on what they had to do. so much better. in other words, more income for more people will be taxed at a rate of zero. [applause] at this 0% rate,
taxable income will be subject to just three tax rate of 12%, 5%. and 30 jonathan blanton and his wife, jamie, from green town, are here with us today. where are they? hello, jonathan. how are you? [applause] jonathan does industrial janitorial work, and jamie works at an auto company. together, they are raising four beautiful children, and last than they earned less $90,000. under our tax plan, they would have saved more than $1000. it could be substantially more. and that is just on federal taxes. so they would have saved at least $1000. middle income families will save even more money with an increased child tax credit for children under the age of 17.
with so many -- which so many families have been meeting. pres. trump: we will eliminate the marriage penalty in the existing credit and expand eligibility to include even more middle income families, greatly expanded. we are also expanding the child tax credit because we believe the most important investment our country can make is in our children. this is just one more critical relieft we are targeting to working families. in addition, under our framework, those caring for the elderly -- and we love these people -- but we are caring and we take such care of the elderly and other adult dependents will receive financial relief in the form of a $500 tax credit.
[applause] we are doing everything we can to reduce the tax burden on you and your family. by eliminating tax breaks and loopholes, we will ensure that the benefits are focused on the middle class, the working men and women, not the highest-income earners. [applause] pres. trump: our framework commitmentr explicit not tax reform will protect low income and middle income households, not the wealthy and well-connected. they can call me all they want. not going to help. i am doing the right thing, and it is not good for me, believe me. [applause] but what is good for me, not only as president
and in legacy, what is good for me is if everything takes off like a rocket ship like it should have for 20 years. that is good for me. that is good for everyone. and that is what i think is going to happen. and a lot of the very wealthy people feel the same way, believe me. most we are eliminating itemized deductions that primarily benefit the wealthiest taxpayers. we have also given congress the flexibility to add an initial top rate on the very highest income earners to provide even more tax relief for working people. second, our framework will make the tax code simple, fair, and easy to understand finally. americans waste money -- [applause] americans waste so
much money. billions and billions of dollars and many hours each year to comply with our ridiculously complex tax code. more than 90% of americans use assistance to prepare their taxes. under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper. [cheers and applause] we are also repealing the alternative minimum tax, or amp. about time. [applause] amt is a shadow tax system that requires many people to calculate their taxes two different ways and pay the
higher of the two amounts. you are all familiar with it. amtr our framework, the will make even less sense because we are repealing a lot of the special interest tax breaks it was designed to deal with. we are making our texas -- simple again. our taxes -- we are making our taxes simple again. we are finally ending the thehing, horrible, unfair state tax, or as it is often referred to -- the death tax. [cheers and applause] that means, especially for all of you with small businesses that are really
tremendous businesses, you will be able to leave them to your family and they will not have to run out and do a fire sale to try and get the money to pay the tax, lose the business. all of those jobs are lost. the farmers in particular are affected. they have wonderful farms but cannot pay the tax, so they have to sell the farm. the people who buy it do not run it with love. they cannot run it the same way, and it goes out. the death tax is a disaster for this country and a disaster for so many small businesses and farmers, and we are getting rid of it. [cheers and applause] pres. trump: now, if you do not like your family, it will not matter. [laughter] pres. trump: but for those who love your family, it matters a lot. with us today is a family farmer
from leesburg. hi, kip! [applause] pres. trump: who fears that his family's farming heritage -- been a long time. 187 years. peanuts, kid. that is a long time. but that great heritage could come to an end because of the andh tax or the estate tax could make it impossible for him to pass that legacy to his wonderful family. we are not going to let that happen. we are not going to allow the death tax to steal away the american dream from these great families, many of which are in this room today. [applause] we will protect our , our ranchers, and our small businesses, and we will make taxes simple, easy, and
fair for all americans. ok? [applause] pres. trump: third, we will cut toes on american businesses restore our competitive edge and create more jobs and higher wages for american workers. [applause] indiana, youin have seen firsthand that cutting taxes on businesses makes your state more competitive and leads to more jobs and higher paychecks for your workers. now, we want to do the same thing for america, making our withry more competitive other nations, and in many cases, those other nations are taking advantage of us in so many ways. they say they are friends, and perhaps they are, but believe
me, i am renegotiating our trade deals, including nafta, including many other trade deals. and through regulation, all you have to do is look at the massive pipelines, the code access. you take a look. 48,000 jobs immediately approved, so we are letting that happen. but in terms of the tax and the tax strategy that ronald reagan used to create an economic boom in the 1980's, when our economy took off, the middle class thrived, and the family income of all families was increasing more and more and it was a beautiful sight to behold. since then, other nations have adopted, unfortunately, our playbook. and ran it even better than we did. i should not they even better because we did not run it well at all, and we let other nations
take advantage of us and take our jobs away, and take our businesses out, and we are stopping that. and you see right here what we have done. today, our total business tax rate is 60% higher than our average foreign competitor in the developed world. that is not good. we have surrendered our competitive edge to other countries, but we are not surrendering anymore. anymore.t surrendering under our framework, we would dramatically cut the business tax rate so that american companies and american workers can beat our foreign competitors and start winning again. [applause] we will reduce the corporate tax rate to no higher than 20%. that is way down from 35 and 39.
what is substantially below the average of other industrialized nations, this is a revolutionary change and the biggest winners will be the everyday american workers as job start pouring into our country, as companies start competing for american goingand as wages start up at levels you have not seen in many years. [applause] pres. trump: when our companies move to other countries, it is our loyal american workers who get hurt, and when companies stay in america and come to america, it is our wonderful workers who reap the rewards. and i just left the united nation's this week, and i was told by one of the most powerful leaders of the world that they
fiveoing to be announcing major factories in the united .tates between increasing you will be hearing about that very soon. and i said "thank you very much." and he said "you know what? it is starting to happen in the united states. it is starting to happen." i just wanted to let you know. i promised i would not say who. i will keep my word, ok? unless the force me. [laughter] >> who? [laughter] pres. trump: members of both inties -- it happens to be the automobile industry. members of both parties should agree that we need a tax code that keeps jobs in our country and brings jobs back to our country. [applause] and for the
millions of small businesses and farms that file their taxes as sole proprietors, corporations, capnerships, we will the tax rate they pay at 25%. much lower. big difference. [applause] pres. trump: this will be the lowest top marginal income tax rate for small and midsize businesses in this country in more than 80 years. [applause] to give businesses even more reason to boost their investment in america, for the next five years, our framework will allow to fully write off -- listen to this -- the cost of equipment in the year they buy it. that is fair. [applause] and that is instead of having to take deductions and
over a longost period of time. now, that is called incentive. that is called sensitive. -- called incentive. this will be tremendously important to help american businesses for the have the in --heavy industrial machinery they need to grow big and strong. joining us today is john gannon, the owner of a custom wood fencing and deck construction company in indianapolis. john is the father of nine children and recently celebrated his 35th wedding anniversary. congratulations, john. [applause] and john is in the fencing company, as you heard. i have to mention this. we have a sense around the white house. we have a sense around the white ence around the white
house, and they want to build a new fence. i figured i am pretty good at construction. i figured maybe $1 million, $1.5 million. it has been taking place for a time, previous administrations. i said "how much is the fence you're talking around the white house?" "sir, $50 million." i said "what?" iq do not. we have thousands of things like that, thousands. butill get it all down, think of that. $50 million. i assume it is a strong fence. [laughter] pres. trump: john, do you think you could do it for slightly less than $50 million? take $49e could million off right now and have plenty of profit, right, john? it is crazy. it's crazy. [applause] understand: never it, but we are working on it.
john says a tax cut like we are proposing will make his business more competitive, allowing him to expand, hire more workers, and raise wages for his current employees, right, john? also with us is aaron williams, father of two, who works in the field of information technology. where is aaron? hello, aaron. hi. [applause] pres. trump: it is a good field. erin has seen the disaster effects of high corporate tax rates right up close and personal as more and more high-tech jobs are shipped overseas. you have been watching it, aaron, right? all over. millions of other americans, aaron wants to bring those jobs such as the united states. we are going to reduce the tax
rate on american businesses so they can keep the jobs in .merica, aaron create jobs in america, compete for workers in america, and raise wages right here in america. you're going to be in a much different position, ok? [applause] pres. trump: tremendous incentives. proudlymore products stand with those four you for words -- four beautiful words, "made in the usa." right? "made in the usa." finally, our framework encourages american companies to bring back the trillions and trillions of dollars in wealth that is parked overseas. ,ur current tax system trillions. and by the way, for years, i have been hearing it is $2.5 trillion. i assume it is much more.
to do it and want recovered want to do it. who does not want to do it? but they cannot do it because it is so restrictive and the patches are so ridiculous, so they cannot do it. the money stays in other countries, invested other countries, and we want to bring it back. it is one of the few things. democrats want it and republicans want it. they both want it, and yet for years, they have not been able to do it. now, we are doing it. we are doing things. [applause] you know, it is one health care, want and they want health care, and there is a dispute. d.c. is a broken system in , but we are getting it fixed i think rather rapidly. you will be seeing that over the next few months. our current tax system makes us one of the few developed nations in the world to punish our
companies when they bring wealth oured overseas back into country. we are punishing them for bringing the money back in. as a result, corporations have parked many trillions of dollars in foreign countries and many have incorporated abroad in order to avoid a punitive tax system altogether, and some companies actually meet our country because they have so much.oney overseas, so it is an incredible amount. they move the company to get their money. we are going to let them bring the money back home. [applause] our framework will stop punishing companies for keeping their headquarters in the united states. we are punishing companies under our codes for being in the united states. time lowmpose a one is on returning money that
already offshore so it can be brought back home to america, where it belongs, and where it can be put to work, and work and work. [applause] the framework i have just described represents a once in a generation opportunity to reduce taxes, rebuild our america'snd restore competitive edge, finally. and i had to say, just before coming here, we released some of the details of the tax, the tax reform, and the tax cuts, and it has really received tremendous, tremendous reviews, and if senator donnelly does not approve it, because he is on the other side, we will come here.
we will contain against him like you would not believe. -- campaign against him like you would not believe. [cheers and applause] i think they are going to approve it. i think we will have numerous democrats because it is the right thing to do. these reforms will be a dramatic taxge from the failed system that encourages american businesses to ship jobs to foreign countries. .hat have much lower tax rates our competitors have much lower tax rates, but no longer. my administration strongly rejects this off shoring model, and we have embraced the new model. it is called the american model. [applause] the americanunder
model, we are reducing burdens asour businesses as long they do business in our country. that is what we want. we want them to do business in our country, not to leave our country like a number of firms from indiana. make some great promises to me, but those promises are only being partially kept, because they are incentivized to leave, but now, they will be incentivized to stay, and if that does not work, then we get even tougher than that, ok? towant our countr companies raise wages for american workers and help rebuild american cities and towns. that is how we will all succeed together and grow together, as and one, one people, american family. we want it to happen here.
[applause] pres. trump: tax reform has not historically been a partisan issue. ad it does not have to be partisan issue today. i really believe we are going to have numerous democrats come because it is the right thing to do. i believe it is the right thing to do and i know many of them. it is theelling me right thing to do. president reagan's tax cuts were passed with significant bipartisan majorities at a time when there was a democrat majority in the house and a .emocrat speaker before that, democrat president john f. kennedy championed tax cuts that surged the economy and massively reduced unemployment. as president kennedy very wisely
said, the single most important fiscal weapon available to strengthen the national economy is the federal tax policy. the right kind of tax cut at the right time. this is the right time. it is the most effective measure that this government could take to spare our economy forward. that was president kennedy. [applause] my fellowp: americans, this is the right tax cut and this is the right time. democrats and republicans in congress should come together finally to deliver this giant win for the american people and begin middle-class miracle -- a middle-class miracle once again. it is also called a miracle for
our great companies. a miracle for the middle class, for the working person. i truly believe that many democrats want to support our plan and with enough encouragement from the american people, they will find the courage to do what is right for our great country. [applause] but they will only do it if you, the american people, make your voices heard. only if you tell congress to give us a tax code that puts american jobs first. that is what we are doing. [applause] pres. trump: history has proven time and time again that there is no power on earth were awesome then -- more awesome than the will of the american
people. that is why, today, i am asking all americans, republican, democrat, independent, to join with me, and with each other, to demand tax reform that will truly, truly, truly make america great again. [applause] [cheers] call yourp: congressman. call your senators. let them know you are watching. let them know you are waiting. tell them that today is the day for decisions. but now is the time to heal this self-inflicted economic wound, and that was their action, the future would belong to all of us. if you demand it, the politicians will listen. they will answer, and they will
act, and someday, many years from now, our children and 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. [cheers and applause] pres. trump: with your help and your voice, we will bring back our jobs. we will bring back our wealth. and for every citizen across this land, we will bring back our great american dreams. thank you. god bless you. and god bless the united states of america. [cheers and applause] pres. trump: thank you. thank you.
an additional top rate may apply to the highest income taxpayer. it would eliminate deductions for state and local taxes and raise the child tax credit. corporations would see their top talk -- tax rate cut to 20%. the proposal would eliminate some business reductions and industry incentives. >> "washington journal." with news and policy issues that impact you. our c-span 50ng, capitals tour continues in richmond, virginia. governorr virginia will be our guest to talk about race relations.