President Donald Trump on Wednesday promised that his newly released tax reform plan would deliver American businesses and families some of the lowest tax rates in nearly a century, and do so with bipartisan support in Congress.
"Tax reform will protect low-income and middle-income households, not the wealthy. They can call me all they want. I'm doing the right thing, and it is not good for me. Believe me, it's not. "What IS good for me, is if everything takes off like a rocket ship."
"This will be the lowest top marginal income tax rate for small and midsize businesses in more than 80 years," Trump said at a tax reform event in Indianapolis, just hours after the release of a much anticipated joint tax reform plan crafted by the White House and congressional tax writing committees.
"Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again," he said.
A proposed 20 percent corporate tax rate, Trump said, would put U.S. business tax rates below the average of other industrialized nations, which the president called "a revolutionary change."
Business groups seemed to agree. The nonprofit RATE Coalition, which advocates for lower corporate taxes, called the GOP tax framework "a once-in-a-generation opportunity to do right by American workers."