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With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
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President Donald Trump heads to Missouri on Wednesday to promote tax reform — without a specific plan in hand.
Trump is set to make the case for overhauling the U.S. tax system, one of the pillars of his platform as a candidate. Congress aims to start moving a tax plan through the legislative process next month, later than the Trump administration had hoped.
The president makes the case for his key agenda item after Republicans failed to repeal and replace Obamacare — another major Trump promise — amid party infighting.
Trump aims to tout tax reform as a way to help balance a "rigged" economy that favors elites. While the White House has not proposed a specific plan, it has given an outline of priorities, including chopping corporate and individual income tax rates, using a one-time repatriation tax on corporate profits overseas, removing many deductions and moving to a more "territorial" tax system.
It is not clear that cutting business tax rates creates more jobs, as Trump and other have argued.