Trump tax plan remarks - live updates
Last Updated Sep 27, 2017 4:25 PM EDT
President Trump announced the rollout of his tax plan Wednesday afternoon in Indiana, as Republicans look to the next big-ticket agenda item, now that their health care bill is dead.
The long-awaited tax plan slashes the number of tax rates from seven to three, and lowers taxes for corporations and small businesses. But many of the details are still up in the air -- the administration isn't attaching income levels to those tax rates -- and the White House is leaving all the fine-tuning to the tax-writing committees in Congress. Treasury Secretary Steve Mnuchin first announced the administration's plan with a one-page summary in April, eliciting mocking comments for the proposal's lack of detail. Months later, the plan is slightly more fleshed out, but only slightly.
The plan could be in trouble with Republicans already. Retiring Sen. Bob Corker, R-Tennessee, told reporters Wednesday he would not vote for a bill that adds to the deficit. Tax reform, Corker said, will make health care look like a "piece of cake."
Trump concludes subdued speech
4:13 p.m. The president concludes his speech, perhaps the most somber and subdued he has made as president.
The president slowly walks off stage, with no one attending him or giving additional remarks.
Trump threatens Indiana senator over tax proposal
4:06 p.m. Mr. Trump threatened to campaign against Indiana Democratic Sen. Joe Donnelly if he doesn't vote for his tax proposal, which as of yet, still has to be hammered out by tax-writing committees in Congress.
"If Senator Donnell doesn't approve it," Mr. Trump said, "... we will come here, we will campaign against him like you wouldn't believe."
Making things slightly awkward, Donnelly traveled with Mr. Trump for the speech.
Trump: We'll be fixing the "broken system" in D.C.
4:02 p.m. The president said he wants to see more products made in America, something Democrats and Republicans haven't been able to accomplish in "years."
The president said he thinks this is a bipartisan issue, unlike, perhaps, health care, where Democrats want "a health care" and Republicans want "a health care."
He noted that D.C. is a "broken system," but one that will be fixed in the months ahead, he told his crowd. Mr. Trump didn't say how he might try to accomplish that.
"We're not surrendering anymore" to other countries
3:55 p.m. The U.S. will no longer stand for other countries stealing U.S. companies, the president said.
His administration's framework will lower corporate taxes, and incentivize businesses that have located overseas to come back to the U.S.
Mr. Trump intends to make U.S. businesses more competitive internationally, having campaigned on bringing businesses back to America.
Mr. Trump said his plan will also allow businesses to "fully write off" equipment costs in the year the business buys that equipment.
Trump: We won't let the death tax "steal" the American dream
President Trump spent time describing how his framework will eliminate the estate tax, also known as the death tax.
The tax is levied on the property of a deceased person, as it transfers to heirs.
The president said his administration won't let the death tax "steal" the "American dream."
This plan is "not good for me," Trump says
3:48 p.m. President Trump said his tax plan, despite what some people may have said, is "not good" for his personal tax situation.
Mr. Trump said his framework will protect his pledge to not raise taxes on low-income and middle-income families.
"There's never been tax cuts" like this
3:44 p.m. President Trump said his tax plan will see tax cuts like never before.
"There's never been tax cuts" like this, the president said.
The president then began going into some of the details of his plan. Everything a person earns up to $12,000 is tax free, as is everything up to $24,000 for a couple.
Mr. Trump said middle-income families will save money with a higher child tax credit, which is now up to $1,000 per child. The president said the most important investment a country can make is in its children.
Trump touts economic growth
3:42 p.m. President Trump said the economy is booming under his administration.
"Your government is working for you, once again," Mr. Trump said. "Not the donors. Not the special interests."
But the economy can't be at its fullest without changes to the tax code, he said.
"We have the votes on Graham-Cassidy"
3:36 p.m.: President Trump said Republicans have the votes on the Graham-Cassidy health care bill, but that because of reconciliation rules, that won't happen.
"We have the votes on Graham-Cassidy," the president said.
That isn't the case -- too many Republicans oppose the measure for it to pass with a simple 50 rules. Still, the president said the Senate needs to get rid of the filibuster rule.
The president was subdued in manner, after his pick for the Alabama Senate primary, Luther Strange, lost to a more conservative candidate, Roy Moore.
Trump takes the stage
3:31 p.m. President Trump takes the stage, to cheers from his audience. He paused to let people conclude theirs claps and cheers.
"Thank you very much. You just want massive tax cuts, that what you want. That's the only reason you're going so wild," Mr. Trump said.
Here is part of the president's speech, which was embargoed until he began:
"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. We will reduce the corporate tax rate to... below the average of industrialized nations. This is a revolutionary change and the biggest winners will be the Middle Class workers as jobs start pouring into our country, as companies start competing for American labor and as wages continue to grow."
"This will be the lowest top marginal income tax rate for small and mid-size businesses in more than 80 years."
"Tax reform has not historically been a partisan issue - and it does not have to be a partisan issue today... there is no reason Democrats and Republicans in Congress should not come together to deliver this giant win for the American people and begin the Middle Class Miracle once again."
Trump arrives in the building
3:17 p.m. Mr. Trump arrives in the Farm Bureau Building at the state fair grounds, as the crowd chats, awaiting him. In the background, band music plays. People hold up their cell phones, getting ready for the president's appearance.
Trump arrives in Indiana
2:44 p.m.: The president and his team arrived at Indianapolis International Airport at 2:29 p.m., according to the White House press pool.
He has quite a long list of officials with him. Accompanying the president are Treasury Secretary Steve Mnuchin, White House chief of staff Gen. John Kelly, and top economic adviser Gary Cohn, among administration officials.