President of the United States Donald Trump made a second Missouri appearance in support of his tax cut plan for businesses and individuals. This time, the president appeared to an overflowing and supportive crowd in St. Charles, MO.
The president was upbeat during his remarks, emphasizing his successes, including a historic reduction of regulations, declaring that the tax cut package would be a great “Christmas gift” to hardworking Americans, and took time to directly mention a few of St. Charles’ business-people who would benefit. He stressed the positive impact the tax cut package could have on the economy.
“The current tax code is a self-inflicted economic wound,” said President Trump. He explained the current U.S. corporation income tax rate is “…one of the least competitive tax rates on planet Earth… 60 percent higher than the average in the developed world.”
“We cannot sit idly by and watch ourselves losing in competition to other countries as they continue to take away our jobs because their tax codes are more competitive and less burdensome than ours,” said President Trump. “That’s why we must cut our taxes, reduce economic burdens, and restore America’s competitive edge. We’re going to do that, too. And it’s already happening. Look what’s happening with our markets. People get it.”
President Trump summarized the key elements of the plan:
“Our plan cuts taxes for the working and middle-income families; it nearly doubles the amount of income taxed at the rate of zero; it lowers the tax rate; it expands the child tax credit; it provides relief from the estate tax, also known as the death tax; it cuts small business taxes; it reduces the corporate rate from 35 percent all the way down to 20 percent; and it provides a one-time low tax rate to return corporate money parked overseas — trillions and trillions of dollars.”
The president also mentioned Sen. Claire McCaskill did not support relief from the estate tax/death tax. This position agrees with the opinion expressed by Sen. McCaskill’s staff when members of the Associated Industries of Missouri Board of Directors met with her this summer: that the estate tax should not be eliminated or reduced.
“We applaud President Trump and the U.S. House of Representatives for passing a tax relief package that will help every area of our economy,” said Ray McCarty, president/CEO of Associated Industries of Missouri, who attended the event. “All eyes now turn to the U.S. Senate which is currently debating the tax package. We are optimistic a strong tax reform package will emerge from these deliberations that will be good for Missouri citizens and Missouri employers,” said McCarty.
The president continued,”If we do this, then America will win again like never, ever before. A vote to cut taxes is a vote to put America first again. It’s time to take care of our workers, to protect our communities, and to rebuild our great country.”
The U.S. Senate began debate on the bill on November 29 and debate continued today. Among the amendments expected to be considered is an amendment co-sponsored by Sen. Roy Blunt to continue to allow interest deductions for businesses incurring debt prior to November 2017. Associated Industries of Missouri strongly supports Sen. Blunt’s amendment as many businesses have incurred debt expecting the interest to be deductible.