The US president who promised to end the country’s “dishonest and deceptive” tax system, cut corporate taxes, and create a new national infrastructure program has been dubbed “the king of lies”.
The former reality television star is now in office, making a major push to change the countrys tax laws to boost growth, and is also pushing to scrap the Dodd-Frank Wall Street reform legislation that had ushered in a period of slow growth and rising debts.
“The biggest challenge we face is not with taxes, it is with regulations,” Trump told a crowd in Indiana on Friday.
“We need to get rid of the regulations, the regulations that are destroying our companies.”
Trump has been making the rounds at events and on Twitter, promising to cut taxes on individuals and businesses to spur economic growth, as well as create jobs.
The tax reform push, which he said would make “a huge difference” to Americans, has drawn bipartisan support, with Democrats and Republicans in Congress voting for the legislation.
Trump, a Republican, campaigned on promises to repeal the Dodd Frank financial regulation law, and cut corporate tax rates to spur investment and job creation.
He has also called for the repeal of the landmark health care law passed in 2010 that had brought together the largest healthcare system in the world, with the White House saying it was a “catastrophe”.
Trump said his tax reform plan would give Americans a “massive windfall” by eliminating a large amount of the government’s corporate tax rate, a key part of the tax code that many economists believe has been a major driver of the US debt.
“This is the biggest tax cut ever in American history, with a massive windfall,” he said.
“They will pay for it by cutting taxes for everybody.”
The tax reforms would slash the corporate tax from 35% to 15%, and eliminate some tax deductions.
They also would remove many tax breaks that Trump has promised to eliminate.
The bill would lower taxes on the wealthy by increasing the top rate on capital gains and dividends, and would also lower rates on the mortgage interest and dividends that most Americans currently receive.
The White House said the tax plan would increase the economy by $1 trillion over the next decade, with more than 3 million jobs created.
“It’s not just about tax reform, it’s about rebuilding our infrastructure and getting the economy going again,” Trump said in Indiana.
“It’s also about creating new American jobs.”
In a separate interview with Fox News, Trump said he believed “it’s a very good deal for the country” that the Republican-controlled House of Representatives voted to approve the bill.
“They’ve passed it and they’re going to sign it,” he added.
Trump has promised tax cuts of up to 10% for most Americans, which would provide tax relief for many families with little or no income, and has also said he will “sign” the bill before Christmas.
In an interview with The Wall Street Journal, he also said it was not too late for Republicans to change Senate rules to force them to take up the tax bill.
The US has the highest corporate tax in the developed world at 35%, which has been blamed for slowing economic growth.
Trump’s tax plan has faced an onslaught of criticism from some of the country s most powerful figures, including the Senate majority leader, Mitch McConnell, the top Republican in the Senate, and Speaker of the House, John Boehner, who is a member of the Republican leadership.
Trump and McConnell have repeatedly said the bill will not cost the US economy billions of dollars, though there have been signs of some support from economists who have predicted the legislation could have a substantial impact on growth.
“I think it’s a good deal, but it’s not a trillion dollars,” said University of Virginia economics professor Kevin Hassett, who has predicted the tax overhaul could cost the economy $1.6 trillion in lost economic output.
“What we’re seeing right now is the Republicans’ response to the recession that is very much geared towards cutting taxes and getting rid of regulation, and that’s going to lead to economic growth,” he told the WSJ.
Hassett said Republicans are looking to offset the tax cuts by cutting spending.
“The only way to pay for this is to cut the spending,” he argued.
“If they do that, it’ll reduce the growth, but they’re also going to have to reduce other taxes, like payroll taxes.”
The Associated Press