In Springfield, Missouri, President Trump will deliver a speech on his administration’s goals for a major tax overhaul. The address, scheduled for Wednesday at 2:30 p.m. ET is being touted by the White House as a “tax reform kickoff event,” and Mr. Trump will explain “why tax reform and relief is needed to unrig the system and jumpstart our economy.”
Mr. Trump tweeted Wednesday morning that tax cuts and reforms are “so badly needed!”
“The President is going to lay out his vision to bring back Main Street by reducing the crushing tax burden on our companies and our workers, and also to restore our competitive advantage by repairing and reforming our badly broken tax code,” senior administration officials said Tuesday.
Though the president isn’t expected to be very specific, he will focus on changes that benefit working-class individuals, small-business owners and middle-income families, according to the White House official.
The White House plans to leave the details of the tax legislation to be worked out by House and Senate Republicans.
Mr. Trump will be speaking at Loren Cook Company, which makes fans, blowers and laboratory exhaust systems. It’s located in Springfield, the birthplace of Route 66, commonly referred to as “The Main Street of America.”
The president’s remarks come as the debate over tax reform heats up among congressional leaders ahead of their return from the August recess. Simplifying the tax code has been one of Mr. Trump’s goals, both since taking office and from his days as a presidential candidate, and Congress is expected to make it a key focus on their upcoming agenda.
Local small business owners and Missouri elected officials will be present for the speech as well as the president’s daughter, Ivanka Trump, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, Director of the National Economic Council Gary Cohn and Small Business Administrator Linda McMahon.
Updates from Trump’s tax reform speech follow below:
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Source: CBS News – Moneywatch