Tax reform will allow American families to save $ 4 thousands per year

Photo: twitter / Donald J. Trump @ realDonaldTrump

President Trump spoke in the state of Pennsylvania to truck drivers — representatives of the most common profession in 29 from the 50 states of America, where he spoke about his tax plan.

Voice of America reports that Trump's speech was intended to challenge the position of independent analysts who are convinced that the tax reform proposed by the Republicans will mainly benefit people with the highest income levels. Some analysts insist that as a result of this reform, some members of the middle class will pay even more taxes than they do now.

“Now is the time to protect our American workers,” Trump told the crowd and promised them to “eliminate the rules that are destroying your jobs.” The President also added that his administration plans to spend about a trillion dollars to improve infrastructure in the United States, primarily highways.

As evidence of the effectiveness of the White House measures, Trump pointed out that the country's GDP grew at an annual rate of 3,1% in the last quarter, “much faster than expected.”

He also emphasized that since his inauguration, the capitalization of American stock markets has grown by $5,2 trillion. “The confidence of industrial companies (in the current situation) is record high. The confidence of (the residents of) our country has also returned (to them),” the president added, standing in front of the public in front of a long-range tractor-truck on which was written: “Reduced taxes, increased wages, more jobs.”

“What we need,” Trump continued, “are taxes that will grow the economy, the job market, the number of people working and America (as a whole).”

“America is finally back on the right track, but we still need to update our cumbersome and incredibly confusing tax code,” Trump brought the speech to his favorite topic in recent weeks: tax reform.

So far, Trump has revealed only some details of his plan, including: reducing the number of tax rates for different income levels from seven to three categories, within the framework of a progressive tax system that provides higher rates for people with higher incomes.

Earlier, US President Donald Trump said that the observed growth in stock markets will only accelerate if Congress accepts its proposals for a reform of the tax code.

However, the Republican-controlled Congress has not yet determined to which levels of income new rates will be applied, and analysts still have to speculate on how these changes will affect specific categories of taxpayers. Trump also wants to cut corporate taxes to stimulate the growth of the largest US economy.

Before the performance, Trump wrote in Twitter: “The stock market is up $8 trillion, 5,2 percent, since the November 25 election. The unemployment rate is at a 16-year low, and if Congress gives us the massive tax cuts (and reforms) I'm asking for, these numbers will continue to rise by leaps and bounds."

The president also reiterated attacks on two characteristic objects of his criticism: the media and the Democrats.

“It would be nice if fake news covered the virtually unprecedented gains in stock markets since the election,” Trump wrote. – We need to reduce taxes. Democrats are pushing for steep tax hikes and a soft border regime that encourages crime. Republicans - the largest tax cut in history and the construction of a wall! We are talking about a wall on the border with Mexico, which Trump proposes to build to curb illegal immigration.

The Trump administration, having begun work in January, predicted that it would complete tax reform by August, now it is planned to do so by the end of the year. However, Congress committees responsible for tax legislation have not yet begun hearings, and Democrats and Republicans differ sharply in their views on the necessary changes.

In accordance with some scenarios, tax cuts can increase a country's long-term debt of more than 20 trillions of dollars, which is tantamount to anathema to many conservative Republicans. Democrats are calling for changes to the tax code that will benefit primarily the middle class and low-income citizens, not the rich.

Read also on ForumDaily:

How to find a good job in the USA: stories and advice of our people

Americans spend more on taxes than on food and clothing

How much is one million dollars worth of retirement savings in each state

“I lived 20 for years in the US illegally”: confession of a Russian from Brooklyn

What for $ 1000 you could buy 10, 50 and 100 years ago

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.