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Trump, speaking in Missouri, called on both parties to support 'pro-American' tax reform

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Updated August 30, 2017 03:11 PM EDT

Trump said the U.S. needs a competitive tax code that raises wages.

He noted that when President Reagan cut taxes, other countries followed suit, becoming more competitive. Today, Trump said, those other countries are taking the U.S. "to the cleaners."

Trump told the crowd that if Sen. Claire McCaskill (D-MO) doesn't lower taxes, she should be voted out of office.

The president said "the Dems" are looking to obstruct tax cuts.

"When it comes to the business tax, we are dead last," said Trump, adding that the U.S. has surrendered its competitive edge to other countries. "We're not surrendering anymore."

Trump said that ideally, the U.S. would like to bring its business tax rate to 15 percent.

Taxes must be lowered so that businesses keep jobs in America, he said.

Trump said that this would create a competitive environment for labor, thus raising wages.

Trump also promised a lower tax rate for middle-class Americans, particularly in order to help alleviate the cost of raising a family.

The president said he wants to bring corporate offshore profits back to the U.S. The president plans to do so by making it less punitive for companies to bring that money back the U.S.

Trump said his new economic model is called "the American model."

He called on all politicians of both parties to support "pro-American" tax reform. The president called on Congress to help put more money back into the pockets of more Americans.

Updated August 30, 2017 02:57 PM EDT

President Trump said the self-destructive tax code costs the U.S. economy millions in jobs and money. He said regulations have been particularly burdensome.

Trump said he wants to work with both parties to reorganize the tax code for the first time in 30 years.

Millions of Americans have watched the prosperity that manufacturing once brought slip away, Trump said. The U.S. must reduce the tax burden on companies and workers in order to do so, he added.

Trump announced that the U.S. just hit 3 percent growth. He said 12 million new jobs and $10 trillion in new revenue would be created if that rate can be sustained. The president said he believes there is no reason why the U.S. should not go beyond that number.

"I dont want to be disappointed by Congress, do you understand me?" Trump said, regarding tax reform.

Trump's first principle on tax reform involved simplicity, making it easier to understand and getting rid of loopholes that primarily benefit special interests.

He noted that the tax code now spans over 2,000 pages, making it overly complex and frustrating for most Americans. He claimed that 90 percent of Americans require help to file taxes because of the complexity of the current tax system.

Updated August 30, 2017 02:48 PM EDT

President Trump opened his speech by noting the destruction caused by Tropical Storm Harvey. He thanked first responders and noted they represent "the best of America."

Trump noted he met with Texas Gov. Greg Abbott yesterday in order to help coordinate the response.

He said recovery will be tough, but noted that he has seen American resilience firsthand.

President Trump on Wednesday will demand tax reform to fix an economy “rigged” against the middle class and workers, according to Reuters.

Senior White House officials told Reuters that Trump will not offer a detailed strategy for overhauling America’s tax code or cutting tax rates during his speech.

Trump will focus on the “why” rather than the “how” of tax reform, they added, while speaking in Springfield, Missouri.

The president will reportedly say in his speech that the economy is “rigged” to favor the privileged few.

Trump will also push for closing loopholes for the wealthy and special interests in the hopes of helping “Main Street” instead.

The White House officials added during a conference call with reporters such ideas would result in a “bipartisan” message for Trump.

The concept of a rigged economy resonates with people across the spectrum of U.S. politics, they added.

Reuters reported that Trump’s two top advisers on tax reform will be present for his speech in Missouri.

Treasury Secretary Steven Mnuchin and White House economic adviser Gary Cohn will both appear for Trump’s remarks.

President Trump’s daughter Ivanka, a supporter of expanding the child tax credit, will also be there.

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Wednesday’s remarks are unlikely to offer concrete specifics on tax reform, a topic that GOP leaders in Congress are trying to massage behind closed doors in Washington, D.C.

An administration official told Reuters that Trump will discuss the topic with topic next Tuesday with the “Big Six” of tax reform during a White House meeting.

Mnuchin, Cohn, Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY) and the Republican chairmen of two congressional tax committees will all appear for the huddle.

President Trump is pressing for his first legislative victory and has long promised to reform the nation’s tax code.

The then-GOP presidential candidate repeatedly said his business background would aid reform efforts during his election campaign last year.

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