After meeting with congressional leadership in the White House, President Trump traveled to North Dakota last week to deliver a speech on tax reform. With the Mandan Refinery (which employs approximately 250 people) as his backdrop, the President spoke for just under an hour on the needs of tax reform, and his goals moving forward. He commented on how our current tax code is a roadblock to a growing economy, and how essential comprehensive reform is to removing the barriers currently facing the country.
President Trump informed the crowd that specific details of the plan will come out in the next two weeks, but he did give some details as to the direction it will go. He laid out what he called the new “American Model” for tax reform. The code needs to be simplified, easier for families and businesses to understand; middle class families need tax cuts so they can keep more of their hard earned money, instead of giving it to the government or spending it trying to comply with the tax code; businesses need to be helped by reducing the corporate tax rate currently at 39%, hopefully down to 15%; and the death tax, which unfairly harms families, needs to be repealed.
We look forward to the specifics of the President’s tax reform plan, along with the goals he presented in the speech. As it stands today, it is clearly too complex and does not work in favor of American taxpayers and businesses. Passing an overhaul of our tax code is important, in that it is necessary to promote prosperity and growth, something the President articulated in North Dakota. But, perhaps his truest statement was one of his simplest – the time for tax reform is now, and we need to continue pushing to move it to fruition.