President Donald Trump revealed during Wednesday evening’s tax reform rally that his Council of Economic Advisors estimates that provisions of his tax reform plan will give the average American household a $4,000 pay raise.
Trump pointed to his administration’s plan to incentivize repatriation of funds to the United States and lower tax rates as catalysts to spur the “likely” increase for the “typical American household.” He said:
We will eliminate the penalty on returning future earnings back to the United States. And we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America – where it belongs. My Council of Economic Advisors estimates that this change, along with a lower tax rate, would likely give the typical American household a $4,000 pay raise.
Kevin Hassett serves as chairman of the Council of Economic Advisors, and Tomas Philipson and Richard Burkhauser serve as members, according to the White House.
The President told the crowd of hundreds, mostly truckers, that his Administration’s tax plan would bring close to 100 percent of funds that can be repatriated back to the United States, where it becomes available to be used, and “jobs will be created.”
Trump put the onus of passing tax reform on members of Congress, to whom he referred during his speech. He told the crowd that he was going to fight to get Republicans, and he hoped to see even some Democrats on board with a tax reform bill. The text of a tax reform bill has not yet been revealed to the public. Administration officials and members of Congress have repeatedly promised tax reform by the end of 2017.
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