President Trump championed his latest plan for tax reform on a trip to Middletown, PA this Wednesday.
In the town outside of Harrisburg, he spoke to a crowd of about 1,000 people, including hundreds of truckers, workers organized by the Pennsylvania Manufacturing Association, and the Pennsylvania Chamber of Commerce among other business groups, in an Air National Guard hangar.
He said some of his plans include simplifying the tax code and cutting the corporate tax rates for small businesses.
He rallied cheers with the claim that his tax plan could help a typical American household see their wages increase by $4,000. A White House press release attributed this monetary growth to, “corporate profits are being kept offshore, benefiting foreign workers and harming our own. In 2016, firms kept 71 percent of foreign-earned profits abroad, according to the Council of Economic Advisors (CEA).”
The release also said that, “More than 70 percent of the corporate tax burden falls on American workers, according to a Congressional Budget Office analysis” and “cutting the corporate tax rate from 35 percent to 20 percent, as proposed in the unified framework, could boost wage growth for the median household to almost four times its current rate, according to analysis from CEA.”
However, according to CNN Money, CEA chair, Economist Kevin Hassett, introduced the $4,000 estimate during a speech last week. But he noted that U.S. corporate profits hadn’t kept pace with workers’ pay. And CNN Money says the estimate would end up being a $4,000 raise over eight years.
Senator Bernie Sanders (D-VT) released a statement following the president’s speech saying, “His tax plan, based on the widely discredited theory of 'trickle down economics,' will provide virtually no benefit to truck drivers and will result in a tax increase for tens of millions of middle class Americans. It is designed to benefit the wealthiest people and the largest and most profitable corporations in this country.”
During his speech President Trump also mentioned the California wildfires, the Las Vegas shooting, and the hurricane recovery effort in Puerto Rico. According to USA Today, there were a small group of peaceful protesters outside the event.
Eminem skewered Trump in a freestyle rap. Here are the lyrics, and some of the best reactions.
The US general overseeing Maria relief: 'If I were a Puerto Rican, I wouldn’t be satisfied'
Former WH strategist, Sebastian Gorka, hit back at the 'fake news industrial complex'