How President Trump's Tax Plan Would Really Affect the Middle Class

Secretary of State Rex Tillerson shakes hands with Mexicos Foreign Secretary Luis Videgaray Caso Wednesday Aug. 30 2017 at the State Department in Washington

President Trump on Wednesday will pressure Congress to pass a sweeping package of tax cuts by year's end, but he is not planning to advance a specific plan....

If a lower US tax rate on foreign profits encouraged USA corporations to move investments offshore, it could hurt US workers' wages and productivity.

The White House Monday notified journalists in Springfield President Trump is scheduled to arrive in Springfield Wednesday afternoon. "Over the past 30 years, the average business tax rate among developed nations fell from 45 percent to less than 24 percent in some countries have an unbelievably low tax, including, by the way, China, and some others that are highly competitive and really doing very well against us".

"I don't want to be disappointed by Congress, you understand me?"

In terms of policy details, the speech will reportedly be light. Trump will meet with congressional leaders to hammer out those details on Tuesday, a White House official said.

The criticism still flowed in, with Democratic National Committee Chairman Tom Perez saying that Republican tax reform proposals "would overwhelmingly benefit the super-rich and corporations over hardworking Americans".

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"Our baseline forecast continues to pencil in a modest, temporary, deficit-financed tax cut to be passed in 2Q2018 through the reconciliation process, avoiding the need to attract 60 votes in the Senate".

"We must lower our taxes", Trump said.

The president, who campaigned successfully on a pledge to bring jobs back to the United States, will present his vision of "a future for the American people where everybody has access to the American dream", the official said.

Trump envisions a corporate tax rate dropping from 35 percent, now the highest in the industrialized world, to around 15 percent.

"This is our once-in-a-generation opportunity to deliver real tax reform for everyday hardworking Americans", Trump said. According to the Springfield News-Leader, company executives contributed to Trump's presidential campaign past year. Households in the middle fifth would lose an average of $1,500 once the costs of paying for the Trump tax cuts are counted.

Republicans control both chambers of Congress, but there is hardly a consensus on tax reform, and talks on the issue is set to be arduous.

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