President Trump promised a “big, big cut” and “massive” tax relief for the middle class along with corporate tax reform in his first address before a joint session of Congress on Tuesday.
The president said that the United States must “restart the engine” of the American economy, in an effort to make it easier for companies to do business in the United States, and “much harder” for companies to leave.
“My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone,” Trump said. “At the same time, we will provide massive tax relief for the middle class –a big, big cut.”
According to the president’s address, American companies are taxed at one of the “highest rates anywhere in the world.” Trump cited a meeting with officials and workers from a “great American company,” Harley-Davidson, which the president said is being taxed at “100 percent.”
“They weren’t even asking for change—but I am,” Trump said. “I believe strongly in free trade, but it also has to be fair trade.”