President Trump today in a speech given in Bismarck, North Dakota, said that passing tax cuts and tax reform would give the United States a competitive edge in the global market and would rebuild the economy and create more jobs.
The president said that the U.S. tax code was outdated and that it was a “massive barrier” to the growth of the U.S. economy. He said that there would be more details coming “in the next two weeks.”
Trump reiterated the following points for tax reform:
The president explicitly called for a shift to a territorial system of taxation—something the “Big Six”* did not clearly do in their statement of agreed upon principles released in July. Read TaxNewsFlash-Tax Reform
* House Speaker Paul Ryan (R-WI), House Ways and Means Committee Chair Kevin Brady (R-TX), Senate Majority Leader Mitch McConnell (R-KY), Senate Finance Committee Chair Orrin Hatch (R-UT), National Economic Council Chair Gary Cohn, and Treasury Secretary Steve Mnuchin
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