October 22, 2017

In a speech to the Heritage Foundation, President Trump outlined his new tax plan that he claims will mean bigger paychecks and financial independence. USA TODAY
With my plan in place, jobs will grow, family incomes will rise and we will make America great again.
Today is the anniversary of former president Ronald Reagan signing into law the Tax Reform Act of 1986. The act was the second major law he signed to reform the tax code for the American people.
Republicans and Democrats came together to cut taxes for hardworking families in 1981, and again in 1986 to simplify the tax code, so that everyone could get a fair shake.
The rest, as they say, is history.
The economy boomed, launching into one of the largest peacetime economic expansions in history. Dormant small businesses and factories sprung back to life. The famed American Worker produced at unprecedented levels. The median family income rose. And more American products than ever before reached foreign shores, stamped with those four beautiful words: “Made in the USA.”
The 1980s also saw extraordinary ideas transformed into reality by American inventors and entrepreneurs. Many of those creations dramatically improved our quality of life. Others connected us like never before and put an entire universe of information at our fingertips. Still others, like the space shuttle after its first launch in 1981, stretched the bounds of what we thought was possible for humankind.
It was a time of extraordinary optimism — it was truly “Morning in America,” an economic miracle for the middle-class.

A lot has changed since then, especially when it comes to taxes.
While our economic competitors slashed their taxes in hopes of replicating America’s success, our leaders remained complacent or, in some cases, reversed course.
We are now among the highest taxed nations in the developed world. Our tax code and laws have nearly tripled in length since the 1986 reforms. They now span 2,650 pages, with another 70,000 pages of forms, instructions, court decisions, and other guidance.
We have watched our leaders allow other countries to erode our competitive edge, take our jobs, and drain our wealth. And, for the first time in our history, Americans have feared that their children will not grow up to be better off financially than they are.

President Trump: With tax reform we can make it morning in America again
That era of economic surrender is now over.
In the nine months since I took office as president, we have removed intrusive, job-killing regulations at a record pace. We are leaving lopsided international deals that hurt America like the Trans-Pacific Partnership and Paris Climate Accord. We have unleashed American energy by ending the war on coal and approving major projects like the Keystone XL and Dakota Access Pipelines. And earlier this month, I signed an executive order to take important steps to free our people from the grip of Obamacare.
And now, unemployment is at a 16-year low. Wages are rising. Manufacturing confidence is higher than it has ever been. The stock market is soaring to record levels. And GDP growth climbed to more than 3% in the second quarter.
The optimism has returned — the sun is once again rising over America.
But our economy cannot take off like it should unless we transform our outdated, complex and burdensome tax code, and that is exactly what we are proposing to do.
Revising our tax code is not just a policy discussion — it is a moral one, because we are not talking about the government's money – we are talking about your money, your hard work. 
According to the Tax Foundation, taxes cost Americans more out-of-pocket than housing, clothing, and food — combined.
Somehow, this has become “normal” in the Land of the Free, but it should not be.
American families should not have to send more money to the government than they spend on building a better life for themselves and their children. You are the ones who carry this nation on your back, and it is time for you to get the relief that you deserve.
That is why we are taking action to dramatically reduce the burden that the sprawling federal tax code has become on our citizens.
Our plan will transform the tax code so that it is once again simple, fair and easy to understand. We want you to spend your valuable time pursuing your dreams, not trapped in a tax compliance nightmare.

We will cut taxes for hardworking, middle-class families.
We will double the standard deduction, which means the first $24,000 of a family’s income will be tax-free. We will also expand the child tax credit. And we will lower rates so that families will keep more of their hard-earned money.
We will also restore our competitive edge so we can create better jobs and higher wages for American workers.
Our plan will provide tax relief to businesses of all sizes, and deliver our small and medium-sized businesses the lowest top rate in more than 80 years.
Finally, we will bring back trillions of dollars in American wealth currently parked overseas.
Today’s tax system foolishly penalizes companies that bring foreign profits back to the United States. Our plan encourages companies to bring this money home, where it can be invested in American companies, American jobs and American workers.
If Congress comes together to enact this commonsense plan, the Council of Economic Advisers estimates that it will raise the annual income of a typical, hardworking American household by an average of around $4,000.

Just imagine the possibilities.
We have the benefit of hindsight as we look back at the three decades since our country’s last major tax reform. We can see what worked and what did not. And most importantly, we can apply the lessons learned to the challenges of today.
The tax cuts and reforms of the 1980s show that when we empower the American people to pursue their dreams, they will not only achieve greatness and create prosperity beyond imagination, they will build an entirely new world.
It is time to ignite America’s middle class miracle once again.
Donald Trump is the 45th president of the United States.
Related Stories
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
Olivia Munn Reveals Breast Cancer Diagnosis and Double Mastectomy Procedure | E! News
March 13, 2024
kUaEV1Kd3S0
Travis Kelce Shares Details From His Trip to Singapore With Taylor Swift | E! News
March 13, 2024
3YXi-Dgf4eg
Kate Middleton VIRAL Photo: Agency Addresses Photoshop Claims | E! News
March 13, 2024
S4VkO0TpkCY
Da'Vine Joy Randolph Plays 'Smash or Pass' With Iconic Moments From Her Career
March 13, 2024
vkPdJEF2BX4
Jean Smart Wears a Hotel Bathrobe to Present an Award to Hannah Einbinder l Power of Comedy SxSW
March 12, 2024
Bw7uVEYQev4
Lenny Kravitz Walk of Fame Ceremony
March 12, 2024
MlWq8BcnwhE
Dak Prescott Extortion Plot & Steph Curry for President? | TMZ Sports Full Ep - 3/12/24
March 13, 2024
jHFsrjs7OFY
A Japanese space rocket blew up after takeoff Tuesday, turning the sky into a fireball of smoke.
March 13, 2024
YkfJ3Qg8B7c
#KimKardashian and #BiancaCensori hung out at #KanyeWest's listening party Tuesday night!
March 13, 2024
EfwLLq6bx9k
‘Pioneer Woman’ Ree Drummond denies using Ozempic to lose 60 pounds
March 13, 2024
Omfjk1AlZ3A
Chrissy Teigen reveals her ‘boob lift scars’ in daring dress at Jay-Z & Beyoncé’s Oscars 2024 party
March 13, 2024
VxZ2qXAlpmU
Zoë Kravitz pokes fun at dad Lenny Kravitz's style during Hollywood Walk of Fame speech
March 13, 2024
j3-lcFu_1sQ
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
17
Mar
GERMANY: Bundesliga
SC Freiburg - Bayer Leverkusen
17
Mar
USA: Major League Soccer
Atlanta United - Orlando City
17
Mar
ENGLAND: Premier League
West Ham United - Aston Villa
17
Mar
SPAIN: La Liga
Rayo Vallecano - Real Betis
17
Mar
ENGLAND: Championship
Leeds - Millwall
17
Mar
SPAIN: La Liga
Las Palmas - Almeria
17
Mar
SPAIN: La Liga
Villarreal - Valencia
17
Mar
SPAIN: La Liga
Sevilla - Celta Vigo
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
11
Mar
ENGLAND: Premier League
Chelsea - Newcastle United
10
Mar
ENGLAND: Premier League
Liverpool - Manchester City
10
Mar
SPAIN: La Liga
Real Madrid - Celta Vigo
10
Mar
ENGLAND: Premier League
Aston Villa - Tottenham Hotspur
10
Mar
ITALY: Serie A
Juventus - Atalanta
10
Mar
ITALY: Serie A
Fiorentina - Roma
10
Mar
ITALY: Serie A
AC Milan - Empoli
09
Mar
GERMANY: Bundesliga
Werder Bremen - Borussia Dortmund
09
Mar
ENGLAND: Premier League
Arsenal - Brentford
09
Mar
ITALY: Serie A
Bologna - Inter Milan
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.