The president, in a speech he’s set to give in Pennsylvania on Wednesday, will make the case that a corporate tax rate cut gives working families a boost.
President Trump will argue on Wednesday that cutting the corporate tax rate in America from 35 percent to 20 percent will give the average American family a “$4,000 pay raise” over the next eight years.
The Washington Examiner‘s Joseph Lawler was among the first to report Trump’s planned remarks on Wednesday morning:
“My Council of Economic Advisers estimates this change alone would likely give the typical American household a $4,000 pay raise,” Trump will say in a speech to be delivered in Harrisburg, Penn. on Wednesday, according to a senior administration official.
The claim is not that the typical family will see a $4,000 tax cut. In fact, it remains an open question whether all families will see direct tax cuts, and Democrats have charged that the GOP plan will raise taxes on some middle-class households.
Instead, Trump will argue the benefits of lowering the corporate tax rate and reforming corporate taxes will raise earnings as companies pass tax cuts on to workers and the economy grows. Trump says families will share in the growth that is generated by the reform.
Cutting the corporate tax rate is among the top lines in a GOP-led tax framework released earlier this month.
Since the release of the framework, supporters have been busy promoting the plan. Campaigns are targeting vulnerable Democratic senators up for re-election in 2018 and thanking House Republicans for supporting the effort.
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