President Trump today in a speech in Springfield, Missouri, broadly set out his vision for reforming the tax code. He said that this was a once in a generation opportunity for “real tax reform” and advocated a tax code that was pro-growth, pro-jobs, and that would reduce the tax burden on companies and workers.
The president set out four principles for tax reform:
The president reiterated his call for a corporate tax rate of 15%, and he offered that a lower tax rate on businesses would make the United States “highly competitive” while also helping keep and create jobs.
Read a release from the White House on the president’s speech.
Treasury Secretary Steven Mnuchin released a statement following the president’s speech on tax reform, noting that the president had “…reaffirmed his commitment to deliver meaningful tax reform to the American people that is focused on growing the economy, stimulating job creation, increasing wages, revitalizing small businesses, and expanding economic opportunity for all Americans.”
The Treasury Secretary said that the tax code must be made “…fairer by leveling the playing field for American workers and job creators, in order to grow the economy and reinvest trillions of dollars back into our country.”
<p>© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p>
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.