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WHITE HOUSE REVEALS NEW TAX REFORM PLAN

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President Trump unleashed a new plan for tax reform in a speech at the Indianapolis State Fairgrounds on Wednesday.

The plans are the product of discussions between White House Treasury Secretary, Steve Mnuchin, the House Ways and Means Chairman, Kevin Brady, the Senate Finance Chairman, Orrin Hatch, House Speaker, Paul Ryan,  Senate Majority Leader, Mitch McConnell, and White House economic policy chief, Gary Cohn. Their purpose will be to strengthen the middle class, grow the economy, and engender economic recovery by broadening the tax base, closing loopholes, and fostering growth.

According to a press release by the Treasury Department, the reforms will mean that less of the earnings of middle-class families will be subject to Federal income tax, and will reduce the number of tax brackets from seven to three: 12%, 25%, and 35%. It will also increase child tax credits and repeal the death tax and alternative minimum tax.

For business, the reforms seek to reduce the corporate tax rate to 20% and limit the taxation imposed on small and family-based businesses operating as sole proprietorships and small businesses corporations to 25%.

The reforms have received support from both politicians and numerous free-market groups. The Republican Congressman from Wisconsin, Paul Ryan, said on Capitol Hill:

“This has been a long time coming. Instead of a source of pride, our tax code has become a constant source of frustration. It’s too big. It’s too complicated. It’s too expensive. Today, we are taking  the next step to liberate America from our broken tax code.”

Similarly, the House Freedom Caucus, which is comprised of Congress’ most conservative members, said in a statement:

“President Trump has delivered a forward-looking tax reform framework that will let hard-working  Americans keep more of their money, simplify our system, end carve-outs for special interests,  and will help make our businesses competitive abroad. The Freedom Caucus looks forward to sending a final  bill based on this framework to President Trump’s desk as soon as possible.”

 

TRUMP THREATENS A GOVERNMENT SHUTDOWN

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Tuesday – President Trump has threatened to shut down the government if Congress doesn’t pass a spending bill that includes financing for the US-Mexico border wall.

Trump stated at a political rally in Phoenix, Arizona, Trump stated:

“The obstructionist Democrats would like us not to do it, but believe me, if we have to close down our government, we’re building that wall.”

Trump went on to remind the crowd that he had been elected to bring down illegal immigration and boost national security.  He then accused the Democrats of hurting national security and putting American lives at risk, stating:

“Let me be very clear to Democrats in Congress who oppose a border wall and stand in the way of border security: you are putting all of American’s safety at risk.”

Trump’s immigration policy has received support from conservatives in the congress. House Freedom Caucus Chairman, Republican. Congressman from North Carolina, Mark Meadows, stated:

“I applaud President  Trump for his leadership on this issue and for his relentless commitment to keeping a promise that was central to his campaign. Congress would do well to join the President and follow through on our own promises by  including funding for a border wall in upcoming spending bills–anything less will show that we are not serious  about keeping our word to the American people.”

Similarly, Republican Congressman from Virginia, Dave Brat, stated in support:

“The American people placed their trust in the President and Republicans in Congress last November with the expectation that we would finally take action to secure the border. Our country is the melting pot of the world and I support legal immigration, but legal immigrants and American workers should not have to compete with illegal aliens for jobs. Our country was founded upon the rule of law and it is important that we hold to those principles. It is time for Congress to step up and keep the promises we made to the American people  by joining with the President to fully fund construction of a border wall and ensure the U.S. Border Patrol  has the resources they need to secure our border.”

Whilst, Republican Congressman from Texas, Louie Gohmer, urged the United States to work with Mexico to end illegal immigration:

“The best thing we can do for BOTH the United States and Mexico is to secure our border. Thankfully, we have a President who understands and is committed to that. A nation founded on laws that apply to everyone, where neither rich nor poor or supposed to be above the law, must have the law enforced to maintain its integrity,  fairness, justice and opportunity. If we secure and enforce our border properly, Mexico’s drug cartels are reduced dramatically, which reduces corruption and lawlessness in Mexico, and, thereby, helps Mexico finally achieve its place as one of the top economies and vibrant countries in the world.

A good neighbour would help Mexico in this way, which also returns America back to being a nation where the law matters and where we can continue to allow more lawful entries into the United States than any other country in the world. Thankfully, we have a President who not only understands the importance of security  and the rule of law, but is doing all he can to make such security, propriety, and opportunity a reality.”