- The Second
180 Days « Closing Argument on Tax Reform
REMARKS BY PRESIDENT TRUMP
AND AMERICAN TAXPAYERS
ON TAX REFORM
Grand Foyer
December 12, 2017
3:02 P.M. EST
THE PRESIDENT: Thank you very much. Thank you, everyone. Please.
We're joined today by college students, young entrepreneurs, families, workers, mothers, and fathers from all over our nation. You make this country run. It's an honor to be with you, and it's an honor to have you at the White House. And thank you all for being here -- really fantastic. Thank you. Great people. (Applause.)
As a candidate, I promised we would pass a massive tax cut for the everyday, working American families who are the backbone and the heartbeat of our country.
Now we're just days away -- I hope, I hope -- you know what that means, right -- from keeping that promise and delivering a truly amazing victory for American families. We want to give you, the American people, a giant tax cut for Christmas. And when I say giant, I mean giant. (Applause.)
As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies.
The typical family of four earning $75,000 will see an income tax cut of more than $2,000, slashing their tax bill in half. It's going to be a lot of money. You're going to have an extra $2,000.
But there are many more things than that. Our plan expands the child tax credit for working families. You'll hear the numbers very soon, but they're even larger than anticipated.
It nearly doubles the amount of income taxed at the rate of zero. I don't know if any of you are paying zero. I hope you're not; I hope you're paying above that. But a lot of people who are having it a little bit tough are going to be paying zero.
It closes special interest loopholes; it lowers tax rates for families; and our plan also cuts taxes on businesses, which is expected to raise income by an average of more than $4,000. So your income goes up. It's like having a $4,000 increase, which isn't bad, which isn't bad.
It's a lot of money to spend. A lot of jobs are going to be created with the money that you spend -- very special. And it makes America competitive again so we can bring back that simple but beautiful phrase, you've heard it before: Made in the USA. Right? I don't know if they've heard it, but you've heard it. (Applause.)
Our current tax code is burdensome, complex, and profoundly unfair. It has exported our jobs, closed our factories, and left millions of parents worried that their children might be the first generation to have less opportunity than the last. Our factories have left. So many of them, gone. But they're all coming back. And you see it, even before we do this, that they're starting to come back. Our country is starting to do really well again, and as a country we're being respected again. We're being respected again.
I'm here today to tell you that we will never let bad things happen, with respect to the economy of our country. We're not going to lose our businesses again like has happened over the last number of decades. America is coming back bigger and better and stronger than ever before. Okay? They'll see it, and they're going to see the result.
America isn't content just by getting by. America is about getting ahead, about finding the best in ourselves and in each other. We are reclaiming our destinies as Americans, a nation that thinks big, dreams bigger, and always reaches for the stars. We didn't become great through massive taxation and Washington regulation. And, by the way, we are cutting regulation at a rate never seen before in the history of our country.
We became great because our people, our families -- and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery, and to begin the next adventure. You know what I'm talking about. And that's who we are: a nation of strivers and builders and dreamers and doers, people who treasure their independence and don't know how to quit. Never quit. Never, ever give up -- never, ever.
I say that, also, to our great Cabinet. And they've done a great job. A lot of things have happened. Nobody's done the job that we've done.
When government loosens its grip, there is no summit we cannot reach. Our tax cuts will break down, and they'll break it down fast -- all forms of government, and all forms of government barriers -- and breathe new life into the American economy. They will unleash the American worker; they will tear down the restraints on discovery, innovation, and creation; and they will restore the hopes and dreams of the American family.
Millions of middle-class families will win under our plan. And today we are honored to hear from a few of those wonderful and truly great families.
Bryant and Ashley Glick -- right -- are from Lancaster County, Pennsylvania. I know it well. They have two beautiful children with a third on the way. Bryant manages a farm equipment store. Ashley works in healthcare. This year, they were in the 15-percent tax bracket.
Under our plan, they will drop to the 12-percent bracket. That's a big drop. Instead of itemizing their deductions, they will be able to file their taxes on a single, little, beautiful sheet of paper. That's good. That's good. (Applause.) And instead of paying $2,600 in income taxes, they will get it down to $2,000. They'll save at least $600 and probably more than that.
Bryant, Ashley, how about saying a few words? You want to? Come on. Thank you very much.
MR. GLICK: Well, thank you, Mr. President. It's an honor to be here. On behalf of the good people of Lancaster County; my family; and, specifically, my grandmother, Linda Martin, well done. Many of your predecessors promised that this reform was coming, but you did it. We are greatly excited about this.
With the tax savings that we are going to see, we are going to put that money into home renovations. And I'm excited that you were the one that got it over the finish line. Thank you, Mr. President. (Applause.)
THE PRESIDENT: The Kovacs family also joins us today from Ohio. That's a great state. A lot of success in Ohio. (Laughter.) Adam is a veteran who works in telecommunications, Lindsay works in administration admissions at a university, and they have two beautiful children.
This year, they're currently in the 25-percent bracket and pay nearly $14,000 in taxes. Our plan gives them their time back because they won’t have to itemize, and it gives them nearly one-third of their money back -- more than $3,500 for one year.
I’d like to invite the Kovacs to explain what our tax cuts will mean for them. They've studied it very closely. These are very smart, sharp people. They know exactly what we're doing here, and they like it. Come on up. Thank you. (Applause.)
MR. KOVACS: Thank you, Mr. President. It is truly an honor that you invited the Kovacs family to the White House today. This is going to be great for our family. We have home renovations that we want to take care of, and hopefully save for our two children to go to college.
Thank you so much, Mr. President. (Applause.)
THE PRESIDENT: The Giampolo family is from Polk County, Iowa. Anthony is a police officer and Aubyn is a 911 emergency dispatcher. When they’re not at work protecting and serving their fellow citizens, their hands are full with four wonderful children.
This year, they were in the 25-percent bracket, their itemized deductions, and they've done everything they can. They paid more than $19,000 in taxes -- thank you very much, by the way; that's a lot of money. (Laughter.) Under our plan, they will file on a single page and save $2,700. Anthony, Aubyn, maybe you'd like to say a few words? Come on in. (Applause.)
MR. GIAMPOLO: I just want to thank President Trump. Education is very important to our family. Under this bill, our family will be able to save a lot of money. We have a lot of people going to school. My wife and I are both in graduate school, finishing up, and we still got three other -- four other kids to get through college. So, it will help out a lot. (Laughter and applause.)
THE PRESIDENT: Leon and Maria Benjamin are pastors of New Life Harvest Church -- and it's a beautiful church in Richmond, Virginia -- and they have three wonderful children.
Under our plan, they will get a larger tax refund to help them pay their bills. They'll receive a tax refund, this year, of $3,000. Leon and Maria, I would love you to discuss your middle-class tax cut a little bit with the millions of people watching right now on television. (Laughter.) You do very well, and we're very proud of you. And it is indeed a beautiful church. I got to see a very, very nice picture. We'll have to get there someday soon. Thank you. Come on in, please, please. (Applause.)
MR. BENJAMIN: (Laughter.) To God be the glory. Thank you, President Trump, for inviting us here. On behalf of the Benjamin family and of course, Richmond, Virginia, we represent a cadre of many families across the nation. African American families, urban communities, and families all across need this now. And it's time for a change, and it's time that we recognize that our President is making good on his promises. (Applause.) Thank you, Mr. President. God bless you, and we'll continue to keep praying for you and your team as you move forward and forge ahead with this new future in America. God bless you. (Applause.)
THE PRESIDENT: He can be my minister anytime. (Laughter.)
The Howard family lives in Tenino, Washington. Issac owns an espresso machine service company, and Emily takes care of their four beautiful children. They are currently in the 15-percent bracket and pay $2,500 in taxes. Our plan will totally wipe out their tax bill, and they might even get a refund of substantially more than $700. I'd like to introduce them. Come on up. (Applause.)
MRS. HOWARD: I'm going to speak for us today. (Laughter.) We are absolutely blessed to be here, so thank you, Mr. President. It’s our joy to stand before you guys. And what this means to us as a family is that we will be able to pour out into our community -- whatever that looks like -- giving away to families that are in need, or setting them up for success in any way that -- whatever God has planned for our family.
I think that that is our goal, and that we are blessed to have such an amazing President -- and what a good steward he is of our country.
So thank you, Mr. President. (Applause.)
THE PRESIDENT: Well, thank you all. It’s critically important for Congress to quickly pass these historic tax cuts, and that's going to take place, I think, even before the media -- I used the word “media.” Did you notice? As opposed to “fake news media” -- I don't say. (Laughter.) Because today is a very important day. We want everybody to be covered very accurately.
So I’m excited to announce that if Congress sends me a bill before Christmas, the IRS -- this is just out, this is breaking news -- has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February, just two short months from now. (Applause.) Just got that. We just got that.
Fifty-five years ago this week, President John F. Kennedy, a Democrat, launched a historic effort to pass sweeping top-to-bottom tax cuts. A half a century later, we're reminded that lowering taxes is neither a Republican or Democrat idea, but an American principle and an American idea.
The goal of my administration is for every American to know the dignity of work, the pride of a paycheck, and the satisfaction of a job well done. We want people to love waking up in the morning and going to work -- just with that incredible enthusiasm that we have in this country. And that's what we're going to be doing, and that's what’s going to be happening.
Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 percent growth -- far ahead of schedule, by the way -- far, far ahead -- in each of the last two quarters. And if we didn't have the hurricanes, we could have hit four last quarter. Four -- a number that was unthinkable two years ago when I started the campaign, and even my first month in office -- that was an unthinkable number. And I’ll tell you what, it’s going to go higher than that.
We’ve created 2.2 million jobs since the election. Unemployment is at a 17-year low. The unemployment rate in the manufacturing business is the lowest in recorded history. Consumer confidence is a 17-point high. Pensions and retirement accounts are soaring as the stock market hits 85 new record highs since the election. How are we doing? Are we doing okay? Not bad, right? (Applause.)
And if Congress sends me a tax reform, this is only a small beginning to the incredible things that our people will achieve over a very short period of time, and the tremendous heights that we will reach economically and so many other ways in our country.
Every day, as this victory draws closer -- I mean, we are so close, right now. So close. In fact, almost -- I don't want to talk about it. Maybe we shouldn’t talk about it. (Laughter.)
The cynical voices that opposed tax cuts grow smaller and weaker, and the American people grow stronger. I heard one of our opponents stand up the other day and say, this is for the rich. They had no idea. They didn't even see the final bill. I didn't see the final bill. This is for the people of middle-income. This is for companies that are going to create jobs. This is for very, very special people, the great people of America.
Everyday, hardworking Americans know that the future of this nation will never belong to those who say you can't; it will always belong to the American people who will say we will.
It belongs to people like the Glicks, the Kovacs, the Giampolos, the Benjamins, the Howards, and the millions of Americans just like them across our nation, who pour out their hearts and souls every single day to take care of their families and the country they love and that we love.
We are going to have a country that celebrates you again -- hardworking, great people. You're being celebrated again. Remember that. Because you were a little bit forgotten. We had called it "the forgotten people." Somebody else called me and everybody else the “deplorables.” Have you ever heard that term? Right? We're proud to be the deplorables, and we're doing well.
We're going to make our tax system work for you again. We’re going to make our economy work for you again. And we are going to make the American Dream -- and that's the real dream -- that will be the dream that you want for your children and your grandchildren once again.
But we need your help to get Congress across that finish line. We’ll have very little Democrat support, probably none, and that's purely for political reasons. They like it a lot, and they can't say it. They don't like what’s happening. But they can't say it. Some day we have to come together and do bipartisan, and hopefully it can happen soon. Right? (Applause.)
If you make your voices heard, this moment will be forever remembered as a great new beginning, the dawn of a brilliant American future shining with patriotism, prosperity, and pride.
With your help, we will bring back our jobs; we will bring back our wealth as a country; and, for every citizen across this beautiful land, we will bring back our great American Dreams.
Thank you and God bless you all. Thank you very much. Thank you. (Applause.)
END 3:22 P.M. EST
THE PRESIDENT: Thank you very much. Thank you, everyone. Please.
We're joined today by college students, young entrepreneurs, families, workers, mothers, and fathers from all over our nation. You make this country run. It's an honor to be with you, and it's an honor to have you at the White House. And thank you all for being here -- really fantastic. Thank you. Great people. (Applause.)
As a candidate, I promised we would pass a massive tax cut for the everyday, working American families who are the backbone and the heartbeat of our country.
Now we're just days away -- I hope, I hope -- you know what that means, right -- from keeping that promise and delivering a truly amazing victory for American families. We want to give you, the American people, a giant tax cut for Christmas. And when I say giant, I mean giant. (Applause.)
As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies.
The typical family of four earning $75,000 will see an income tax cut of more than $2,000, slashing their tax bill in half. It's going to be a lot of money. You're going to have an extra $2,000.
But there are many more things than that. Our plan expands the child tax credit for working families. You'll hear the numbers very soon, but they're even larger than anticipated.
It nearly doubles the amount of income taxed at the rate of zero. I don't know if any of you are paying zero. I hope you're not; I hope you're paying above that. But a lot of people who are having it a little bit tough are going to be paying zero.
It closes special interest loopholes; it lowers tax rates for families; and our plan also cuts taxes on businesses, which is expected to raise income by an average of more than $4,000. So your income goes up. It's like having a $4,000 increase, which isn't bad, which isn't bad.
It's a lot of money to spend. A lot of jobs are going to be created with the money that you spend -- very special. And it makes America competitive again so we can bring back that simple but beautiful phrase, you've heard it before: Made in the USA. Right? I don't know if they've heard it, but you've heard it. (Applause.)
Our current tax code is burdensome, complex, and profoundly unfair. It has exported our jobs, closed our factories, and left millions of parents worried that their children might be the first generation to have less opportunity than the last. Our factories have left. So many of them, gone. But they're all coming back. And you see it, even before we do this, that they're starting to come back. Our country is starting to do really well again, and as a country we're being respected again. We're being respected again.
I'm here today to tell you that we will never let bad things happen, with respect to the economy of our country. We're not going to lose our businesses again like has happened over the last number of decades. America is coming back bigger and better and stronger than ever before. Okay? They'll see it, and they're going to see the result.
America isn't content just by getting by. America is about getting ahead, about finding the best in ourselves and in each other. We are reclaiming our destinies as Americans, a nation that thinks big, dreams bigger, and always reaches for the stars. We didn't become great through massive taxation and Washington regulation. And, by the way, we are cutting regulation at a rate never seen before in the history of our country.
We became great because our people, our families -- and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery, and to begin the next adventure. You know what I'm talking about. And that's who we are: a nation of strivers and builders and dreamers and doers, people who treasure their independence and don't know how to quit. Never quit. Never, ever give up -- never, ever.
I say that, also, to our great Cabinet. And they've done a great job. A lot of things have happened. Nobody's done the job that we've done.
When government loosens its grip, there is no summit we cannot reach. Our tax cuts will break down, and they'll break it down fast -- all forms of government, and all forms of government barriers -- and breathe new life into the American economy. They will unleash the American worker; they will tear down the restraints on discovery, innovation, and creation; and they will restore the hopes and dreams of the American family.
Millions of middle-class families will win under our plan. And today we are honored to hear from a few of those wonderful and truly great families.
Bryant and Ashley Glick -- right -- are from Lancaster County, Pennsylvania. I know it well. They have two beautiful children with a third on the way. Bryant manages a farm equipment store. Ashley works in healthcare. This year, they were in the 15-percent tax bracket.
Under our plan, they will drop to the 12-percent bracket. That's a big drop. Instead of itemizing their deductions, they will be able to file their taxes on a single, little, beautiful sheet of paper. That's good. That's good. (Applause.) And instead of paying $2,600 in income taxes, they will get it down to $2,000. They'll save at least $600 and probably more than that.
Bryant, Ashley, how about saying a few words? You want to? Come on. Thank you very much.
MR. GLICK: Well, thank you, Mr. President. It's an honor to be here. On behalf of the good people of Lancaster County; my family; and, specifically, my grandmother, Linda Martin, well done. Many of your predecessors promised that this reform was coming, but you did it. We are greatly excited about this.
With the tax savings that we are going to see, we are going to put that money into home renovations. And I'm excited that you were the one that got it over the finish line. Thank you, Mr. President. (Applause.)
THE PRESIDENT: The Kovacs family also joins us today from Ohio. That's a great state. A lot of success in Ohio. (Laughter.) Adam is a veteran who works in telecommunications, Lindsay works in administration admissions at a university, and they have two beautiful children.
This year, they're currently in the 25-percent bracket and pay nearly $14,000 in taxes. Our plan gives them their time back because they won’t have to itemize, and it gives them nearly one-third of their money back -- more than $3,500 for one year.
I’d like to invite the Kovacs to explain what our tax cuts will mean for them. They've studied it very closely. These are very smart, sharp people. They know exactly what we're doing here, and they like it. Come on up. Thank you. (Applause.)
MR. KOVACS: Thank you, Mr. President. It is truly an honor that you invited the Kovacs family to the White House today. This is going to be great for our family. We have home renovations that we want to take care of, and hopefully save for our two children to go to college.
Thank you so much, Mr. President. (Applause.)
THE PRESIDENT: The Giampolo family is from Polk County, Iowa. Anthony is a police officer and Aubyn is a 911 emergency dispatcher. When they’re not at work protecting and serving their fellow citizens, their hands are full with four wonderful children.
This year, they were in the 25-percent bracket, their itemized deductions, and they've done everything they can. They paid more than $19,000 in taxes -- thank you very much, by the way; that's a lot of money. (Laughter.) Under our plan, they will file on a single page and save $2,700. Anthony, Aubyn, maybe you'd like to say a few words? Come on in. (Applause.)
MR. GIAMPOLO: I just want to thank President Trump. Education is very important to our family. Under this bill, our family will be able to save a lot of money. We have a lot of people going to school. My wife and I are both in graduate school, finishing up, and we still got three other -- four other kids to get through college. So, it will help out a lot. (Laughter and applause.)
THE PRESIDENT: Leon and Maria Benjamin are pastors of New Life Harvest Church -- and it's a beautiful church in Richmond, Virginia -- and they have three wonderful children.
Under our plan, they will get a larger tax refund to help them pay their bills. They'll receive a tax refund, this year, of $3,000. Leon and Maria, I would love you to discuss your middle-class tax cut a little bit with the millions of people watching right now on television. (Laughter.) You do very well, and we're very proud of you. And it is indeed a beautiful church. I got to see a very, very nice picture. We'll have to get there someday soon. Thank you. Come on in, please, please. (Applause.)
MR. BENJAMIN: (Laughter.) To God be the glory. Thank you, President Trump, for inviting us here. On behalf of the Benjamin family and of course, Richmond, Virginia, we represent a cadre of many families across the nation. African American families, urban communities, and families all across need this now. And it's time for a change, and it's time that we recognize that our President is making good on his promises. (Applause.) Thank you, Mr. President. God bless you, and we'll continue to keep praying for you and your team as you move forward and forge ahead with this new future in America. God bless you. (Applause.)
THE PRESIDENT: He can be my minister anytime. (Laughter.)
The Howard family lives in Tenino, Washington. Issac owns an espresso machine service company, and Emily takes care of their four beautiful children. They are currently in the 15-percent bracket and pay $2,500 in taxes. Our plan will totally wipe out their tax bill, and they might even get a refund of substantially more than $700. I'd like to introduce them. Come on up. (Applause.)
MRS. HOWARD: I'm going to speak for us today. (Laughter.) We are absolutely blessed to be here, so thank you, Mr. President. It’s our joy to stand before you guys. And what this means to us as a family is that we will be able to pour out into our community -- whatever that looks like -- giving away to families that are in need, or setting them up for success in any way that -- whatever God has planned for our family.
I think that that is our goal, and that we are blessed to have such an amazing President -- and what a good steward he is of our country.
So thank you, Mr. President. (Applause.)
THE PRESIDENT: Well, thank you all. It’s critically important for Congress to quickly pass these historic tax cuts, and that's going to take place, I think, even before the media -- I used the word “media.” Did you notice? As opposed to “fake news media” -- I don't say. (Laughter.) Because today is a very important day. We want everybody to be covered very accurately.
So I’m excited to announce that if Congress sends me a bill before Christmas, the IRS -- this is just out, this is breaking news -- has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February, just two short months from now. (Applause.) Just got that. We just got that.
Fifty-five years ago this week, President John F. Kennedy, a Democrat, launched a historic effort to pass sweeping top-to-bottom tax cuts. A half a century later, we're reminded that lowering taxes is neither a Republican or Democrat idea, but an American principle and an American idea.
The goal of my administration is for every American to know the dignity of work, the pride of a paycheck, and the satisfaction of a job well done. We want people to love waking up in the morning and going to work -- just with that incredible enthusiasm that we have in this country. And that's what we're going to be doing, and that's what’s going to be happening.
Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 percent growth -- far ahead of schedule, by the way -- far, far ahead -- in each of the last two quarters. And if we didn't have the hurricanes, we could have hit four last quarter. Four -- a number that was unthinkable two years ago when I started the campaign, and even my first month in office -- that was an unthinkable number. And I’ll tell you what, it’s going to go higher than that.
We’ve created 2.2 million jobs since the election. Unemployment is at a 17-year low. The unemployment rate in the manufacturing business is the lowest in recorded history. Consumer confidence is a 17-point high. Pensions and retirement accounts are soaring as the stock market hits 85 new record highs since the election. How are we doing? Are we doing okay? Not bad, right? (Applause.)
And if Congress sends me a tax reform, this is only a small beginning to the incredible things that our people will achieve over a very short period of time, and the tremendous heights that we will reach economically and so many other ways in our country.
Every day, as this victory draws closer -- I mean, we are so close, right now. So close. In fact, almost -- I don't want to talk about it. Maybe we shouldn’t talk about it. (Laughter.)
The cynical voices that opposed tax cuts grow smaller and weaker, and the American people grow stronger. I heard one of our opponents stand up the other day and say, this is for the rich. They had no idea. They didn't even see the final bill. I didn't see the final bill. This is for the people of middle-income. This is for companies that are going to create jobs. This is for very, very special people, the great people of America.
Everyday, hardworking Americans know that the future of this nation will never belong to those who say you can't; it will always belong to the American people who will say we will.
It belongs to people like the Glicks, the Kovacs, the Giampolos, the Benjamins, the Howards, and the millions of Americans just like them across our nation, who pour out their hearts and souls every single day to take care of their families and the country they love and that we love.
We are going to have a country that celebrates you again -- hardworking, great people. You're being celebrated again. Remember that. Because you were a little bit forgotten. We had called it "the forgotten people." Somebody else called me and everybody else the “deplorables.” Have you ever heard that term? Right? We're proud to be the deplorables, and we're doing well.
We're going to make our tax system work for you again. We’re going to make our economy work for you again. And we are going to make the American Dream -- and that's the real dream -- that will be the dream that you want for your children and your grandchildren once again.
But we need your help to get Congress across that finish line. We’ll have very little Democrat support, probably none, and that's purely for political reasons. They like it a lot, and they can't say it. They don't like what’s happening. But they can't say it. Some day we have to come together and do bipartisan, and hopefully it can happen soon. Right? (Applause.)
If you make your voices heard, this moment will be forever remembered as a great new beginning, the dawn of a brilliant American future shining with patriotism, prosperity, and pride.
With your help, we will bring back our jobs; we will bring back our wealth as a country; and, for every citizen across this beautiful land, we will bring back our great American Dreams.
Thank you and God bless you all. Thank you very much. Thank you. (Applause.)
END 3:22 P.M. EST
From Lindsey Walters:
This afternoon the President will make his closing argument to the American people as Congress approaches the finish line on historic tax cuts and reform. His speech will include some of the stories and specific tax situations of five middle-income families from across America, who will also be in attendance. The remarks will highlight what this tax cut and reform package will mean for families like them around the country, as well as for the young people in the audience who symbolize the future generations for whom we’re building a stronger and better economy.
Internal
The Vice President
Secretary Steven Mnuchin, Department of Treasury
Secretary Alexander Acosta, Department of Labor
Gary Cohn, Director of the National Economic Council
Families: (26 total)
· The Benjamin Family – Richmond, VA
· The Giampolo Family – Johnston, IA
· The Glick Family – New Holland, PA
· The Kovacs Family – Lebanon, OH
· The Howard Family Tenino, WA
Around 40 attendees involved in Young Republicans and College Republicans
REMARKS BY PRESIDENT TRUMP
AT LUNCH WITH BICAMERAL TAX CONFEREES
Cabinet Room
12:40 P.M. EST
THE PRESIDENT: Well, thank you very much. We appreciate it. And I'll be also speaking, at three o'clock today, a little bit more about what's happening with this incredible journey and what we're doing with regard to bringing down taxes -- the largest tax cut ever.
But I appreciate you being here today. I want to thank the incredible members of the House and the Senate, who have been working so hard. We're very, very close to a historic legislative victory, the likes of which rarely has this country seen.
I think I can say, Kevin and Orrin, that we're getting very close. And I know a lot of the folks that we'd like to have here -- we said, if you have your choice, stay back and get it done. Right? They're all working and negotiating some final points, but we're very, very close.
This bill is vital to the American people for many reasons. First of all, it's going to have a tax cut, the likes of which we haven't seen for, not only business but for the working families of our country. It's really a tax cut based on jobs and also very good for companies, which also means jobs.
The typical family of four earning $75,000 will see an income tax cut of $2,000. So that's $2,000 in their pocket, additional to spend on whatever they want to spend, or they could save the money also. You do have a lot of families in the old days -- they saved money. But they will be saving it in many cases.
Second, the bill is going to cut taxes for American businesses -- both big ones and small ones -- so that they can grow, hire, and compete all around the world. Right now they're paying 35 percent, and that's the highest in the industrialized world -- in many cases, by far. And we'll be bringing that down to a number that will be extremely impressive to a lot of people. I don't think I'll give them the surprise yet, Kevin, right?
REPRESENTATIVE BRADY: Yes, sir.
THE PRESIDENT: Maybe I'll hold the surprise. But I think you'll be very happy with it. I think the businesses will be very happy. And we'll be able to compete all over the world.
Third, we're simplifying our broken system. It's so complicated that nobody can figure it out. Tax returns that are very, very big and large -- and they have to go out and hire companies to do them. So we're fixing the system.
Finally, the plan is going to bring trillions of dollars back into the United States, money that's offshore. And you've been hearing me say $2.5 trillion for years. Well, 2.5 has grown, and it's going to be a lot more than that -- probably $4 trillion. It could be even higher than that. We don't even know. It's so much money, we don't even know how much it is.
But you look at the great companies -- Apple and so many others. They have billions of dollars overseas that they want to bring back. Now they're going to be able to bring it back, and we'll be spending that money, and they'll be spending that money right here. And it will be jobs and lots of other good things.
While the media has focused on the differences between the House and the Senate bills, I can only tell you that we have very, very talented representatives right here. And I think I can say, Orrin, that we're very close. Right?
SENATOR HATCH: We are.
THE PRESIDENT: We are very, very close.
SENATOR HATCH: We'll get it done.
THE PRESIDENT: And I want to thank Senator Orrin Hatch. He's been incredible. And Kevin Brady -- incredible. You guys have been just really, really amazing. Although I shouldn't say that until we sign. (Laughter.) We've been there too many times. Let's count the vote first. Right? (Laughter.)
But I want to thank my whole team, Gary and Steve and everybody. The whole team has been really something special. And, Diane, thank you very much for everything. We appreciate it.
So we're very close to getting it done. We're very close to voting. And our economy, as you know, has surged from where it is when I took it over. We were having an economy that was going in the wrong direction. They can say all they want about the last administration, or even administrations. This country was going in the wrong direction, from the economic standpoint. And you saw where it was -- one of the early times we heard about 1 percent and 1.2 percent, and you were going down.
401(k)s right now -- I met last week in New York City with a very, very fine group of policemen. And they were all so happy about their 401(k)s. They feel like they're geniuses because, in one case, he said, I'm up 39 percent.
I see all the guys carrying the booms are smiling. Are you up, too? Yes, he is. Oh, look at him. (Laughter.) He's got that boom. Let's see. He's got the one that's the highest and the closest. So he's a good boomer. (Laughter.) But he's got a big smile on his face, right? Thank you. Thanks very much.
You know, usually with the press -- they won't admit it -- but he does because he's beyond the press. (Laughter.) But I want to -- I just want to say that people are up 30 percent, 40 percent, 50 percent, depending on what's in there, and they are very, very happy.
So we think we're going to grow that a lot more. We really think the economy has a long way to grow and it needs the tax cut. It needs it desperately. And all that money is going to be spent on expanding businesses.
We have so many different things in this bill that are going to create jobs. And for me, this is a bill -- very simple -- it's a massive cut for the middle class and it's about jobs. And the jobs are really defined by the companies. The companies are going to be expanding and they're going to be creating jobs.
You know, in education, we're talking choice. Well, in jobs, we're going to be talking choice, too, because, right now, people go for one job and they don't have many options. They're going to have plenty of options. They're going to look at five, six, seven jobs, and they're going to pick the one they want. And wages are starting to go up. First time in many years, wages now are actually starting to go up.
So we have a lot of great things happening, but what really is something that, I think, will really be the capper is going to be the massive tax cuts that we're planning that hopefully, within a very short period of time, we'll have signed into law.
It will be bigger than anything ever done in this country. Bigger than the Reagan cuts, bigger than any cuts, and it will also be reform. And there are also some other things in that bill that are very, very big that are somewhat unrelated, but ultimately I think it's all related.
So I just want to thank everybody at the table -- Mike, everybody at the table -- for being here. And I want to have a very fast lunch so you can go immediately back and finish. (Laughter.) I actually feel very guilty having you here. So I want you to go back immediately and finish it up.
Thank you very much. It's going to be something very, very special. Thank you all. Thank you.
Q Mr. President, will you support the 21 percent corporate tax rate? And would you sign the current 21 percent?
THE PRESIDENT: I would -- yeah, I would. We're going to see where it ends up, but I certainly -- it's at 35 right now, so if it got down to 21, I would certainly be -- I would be thrilled. I would be thrilled.
We'll see. We have haven't set that final figure yet, but certainly 21 is a very great difference.
Q Mr. President, after Alabama, is it crucial to get a vote in the next week?
THE PRESIDENT: I think it's very important for the country to get a vote next week. Not because we lost a seat. Wish we would have gotten the seat. A lot of Republicans feel differently; they're very happy with the way it turned out.
But I would have -- as the leader of the party, I would have liked to have had the seat. I want to endorse the people that are running.
But, I will tell you that it's -- to me, it's very, very -- just, very important to get this vote. Not because of that, but because of the -- and I don't know what the vote will be. I don't know what exactly the final -- we have a margin now of two, plus our great Vice President.
So I really -- I think we're going to get the vote, but I will say, we have to get more senators and more congressmen that are Republicans elected in '18. And then you'll see a lot more of what we're doing right now.
Q How can that loss affect your agenda going forward?
THE PRESIDENT: I don't think it's going to affect it. I think we're doing a lot. This is the biggest thing that we've worked on. This also has to do with other subjects.
As you know, I won't mention the subject, but there are some subjects in here that are very vital to the -- beyond -- I'm talking about beyond pure tax and tax cuts.
But I'm just very excited by it. This is one of the biggest pieces of legislation ever signed by this country. And I can tell you that everybody around this table, we are very, very excited about it. And thank you all very much. Appreciate it.
END 12:49 P.M. EST
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