Wednesday, August 30th: President Trump visits a manufacturing plant in Springfield, Missouri, where the historic Route 66 begins. Here, DJT makes a powerful speech in which he explains his tax-reforming plan, how it is vital to undoing the decades-long damage that has been done to the U.S. economy, and why implementing his corrections to the tax-system is essential for the well-being of individuals and small businesses. The president also gives an accounting of the administration’s extensive assistance to the flooded areas in the Gulf of Mexico.
Bringing Back Jobs and Growth
Since the recession of 2008, American workers and businesses have suffered through the slowest economic recovery since World War II. The U.S. lost nearly 300,000 manufacturing jobs during this period, while the share of Americans in the work force plummeted to lows not seen since the 1970s, the national debt doubled, and middle class got smaller. To get the economy back on track, President Trump has outlined a bold plan to create 25 million new American jobs in the next decade and return to 4 percent annual economic growth.
The plan starts with pro-growth tax reform to help American workers and businesses keep more of their hard-earned dollars. The President’s plan will lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate, which is one of the highest in the world. Fixing a tax code that is outdated, overly complex, and too onerous will unleash America’s economy, creating millions of new jobs and boosting economic growth.
As a lifelong job-creator and businessman, the President also knows how important it is to get Washington out of the way of America’s small businesses, entrepreneurs, and workers. In 2015 alone, federal regulations cost the American economy more than $2 trillion. That is why the President has proposed a moratorium on new federal regulations and is ordering the heads of federal agencies and departments to identify job-killing regulations that should be repealed.
With decades of deal-making experience, the President also understands how critical it is to negotiate the best possible trade deals for the United States. By renegotiating existing trade deals, and taking a tough stance on future ones, we will ensure that trade agreements bring good-paying jobs to our shores and support American manufacturing, the backbone of our economy. The President plans to show America’s trading partners that we mean business by ensuring consequences for countries that engage in illegal or unfair trade practices that hurt American workers.
President Trump’s first proposed budget shows respect for the people who pay the bills. The administration’s proposal reverses the damaging trends from previous administrations by putting our nation’s budget back into balance and reducing our debt through fiscally conservative principles, all the while delivering on President Trump’s campaign promise not to cut Social Security retirement or Medicare. The budget’s combination of regulatory, tax, and welfare reforms will provide opportunities for economic growth and creation. Get the facts about President Trump’s budget.
BALANCE & CUTTING SPENDING
Unlike any budget proposed by the previous administration, the Fiscal Year 2018 Budget achieves balance within the 10-year budget window and begins to reduce the national debt within that same window.
The policies in this Budget will drive down spending and grow the economy. By 2027, when the budget reaches balance, publicly held debt will be reduced to less than 60 percent of GDP, the lowest level since 2010.
NO CUTS TO MEDICARE & SOCIAL SECURITY
The President’s Budget does not cut core Social Security benefits. And the President is fulfilling his presidential campaign promise not to cut Medicare benefits.
SAVING TAXPAYERS MONEY
President Trump’s budget saves the American people billions of dollars through welfare, tax, and regulatory reform.
SUPPORTING OUR MILITARY
The President is requesting $54 billion, or 10 percent, more than the defense level President Obama signed into law for both the 2017 CR and the 2018 budget cap. This increase balances the need to rebuild the military with the need for disciplined, strategy-driven, executable growth.
KEEPING AMERICANS SAFE
The Budget includes over $2.6 billion in new infrastructure and technology investments in 2018 to give CBP frontline law enforcement officers the tools and technologies they need to deter, deny, identify, track, and resolve illegal activity along the border.
PUTTING AMERICAN FAMILIES FIRST
President Trump’s budget provides national paid family leave for the first time in the history of this country.
Find out more information about President Trump’s Taxpayer First Budget atWhiteHouse.gov/taxpayers-firs