Trump: Americans will see 'bigger paychecks beginning in February' if GOP finishes tax bill by Christmas

Key Points
  • President Donald Trump says the Republican tax bill is on track to deliver "lower taxes and bigger paychecks" as early as February of next year.
  • The GOP tax plan will "celebrate" the "forgotten people" and the "deplorables," Trump says at the White House.
  • House and Senate negotiators reached a tentative deal Wednesday on sweeping changes to the tax code.
Trump: We don't become great because of massive taxation
Trump: We don't become great because of massive taxation

President Donald Trump pledged Wednesday that the Republican tax reform plan would deliver "lower taxes and bigger paychecks" as early as February, provided Trump is able to sign the bill before Christmas.

"I'm excited to announce that if Congress sends me a bill before Christmas, the IRS ... has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February," Trump said, "just two short months from now."

Speaking at the White House, Trump said the deal tentatively reached between House and Senate Republicans would also drive massive economic growth by cutting taxes on corporations and individuals.

Democrats contend the plan does too much to help wealthy individuals and corporations and does not provide enough relief for the middle class.

Calling the current tax code "burdensome, complex and profoundly unfair," Trump said his tax plan would "celebrate" the "forgotten people" and the "deplorables," a reference to a 2016 comment by Trump's Democratic opponent, Hillary Clinton.

"As a candidate, I promised we would pass a massive tax cut for the everyday, working Americans who are the backbone and heartbeat of our country," Trump said. "Now, we are just days away from keeping that promise and delivering a truly amazing victory for American families."

The latest proposal in Congress would involve dropping the corporate tax rate to 21 percent, the top individual tax rate to 37 percent and allowing a 20 percent pass-through deduction.

Trump, however, wasn't focused on numbers during his White House remarks. Breaking with his usual speech protocol, the president invited five families to come to the lectern and describe their tax savings, and thank the president for his work on their behalf.

"What this means to us as a family is that we will be able to give away to families in need ... or whatever God has planned," said Emily Howard, a stay-at-home mom from Tenino, Washington. "We are blessed to have such an amazing president, and what a good steward he is of our country," she said.

As Christmas approaches, congressional negotiators are under increasing pressure to deliver a tax reform bill to the president's desk before the end of the year, a deadline that Trump highlighted Wednesday.