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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%.
“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.”
South Korean officials have confirmed that a blast at a North Korean nuclear testing site was caused by the detonation of a hydrogen bomb.
According to the South Korean newswire service, Yonhap, officials observed a 5.7 magnitude seismic event near the Punngye-ri nuclear testing site at about 12.30pm, local time. Tremors could even be felt in north east China.
North Korean state television announced the test to be ‘a perfect success’ and even published photographs of Kim Jong Un directing the test. North Korea’s state newspaper, Rodogon Sinmun, reported on Sunday:
“All components of the H-bomb were homemade and all the processes ranging from the production of weapons-grade nuclear materials to precision processing of components and their assembling were put on the Juche basis, thus enabling the country to produce powerful nuclear weapons as many as it wants.”
The United Nations has issued a statement, passed by all fifteen members, condemned North Korea and has accused them of “deliberately undermining regional peace and stability and [having] caused grave security concerns around the world.”
Donald Turk, President of the European Council, released a statement condemning North Korea:
“The EU stands ready to sharpen its policy of sanctions and invites North Korea to restart dialogue on its programmes without condition. We call on the UN Security Council to adopt further U.N. sanctions and show stronger resolve to achieve a peaceful denuclearization of the Korean peninsula.”
British Prime Minister, Teresa May, stated:
“The international community has universally condemned this test and must come together to continue to increase the pressure on North Korea’s leaders to stop their destabilizing actions.”
French President, Emmanuel Macron, stated:
“The international community needs to deal with this latest provocation with the greatest firmness, so that North Korea will restart dialogue without conditions and proceed with the complete, verifiable and irreversible dismantling of its nuclear and ballistic weapons programs.”
President Donald Trump tweeted:
“North Korea has conducted a major Nuclear Test. Their words and actions continue to be very hostile and dangerous to the United States.”
President Trump continued:
“North Korea is a rogue nation which has become a great threat and embarrassment to China, which is trying to help but with little success.”
US Defence Secretary, Jim Mattis, has met with President Trump and Vice President, Mike Pence, to discuss the situation. Outside the White House, Mattis made a brief statement:
“We have many military options, and the President wanted to be briefed on each of them.”
“We made clear that we have the ability to defend ourselves and our allies, South Korea and Japan, from any attack, and our commitments among our allies are ironclad. Any threat to the United States or its territories, including Guam, or our allies will be met with a massive military response – a response both effective and overwhelming.”
“Kim Jong-un should take heed the United Nations Security Council’s unified voice. All members unanimously agreed on the threat North Korea poses, and they remain unanimous in their commitment to the denuclearization of the Korean Peninsula, because we are not looking to the total annihilation of a country, namely North Korea.”
Republican Senator from Missouri, Roy Blunt, told NBC’s Meet the Press that nearby countries should do everything in their power to force North Korea to ease tensions. According to Blunt, the rogue communist state has been a topic of discussion in Senate Intelligence Committee meetings. Blunt said:
“In the intel committee that I serve on, I think it doesn’t disclose anything to say in that in the last year this has probably been the number one topic month after month – what was happening there, what are we going to do about it – and I hope the neighbourhood understands how critical this is.”
Blunt went on to refer to Kim Jong Un as “spoiled and reckless”:
“You’ve got a leader who is both spoiled and reckless. Spoiled and reckless is not a unique thing to find in the world today, but it is unique with somebody who has control of what may now be hydrogen weapons.”
The US is strongly considering issuing further trade sanctions to cut off North Korea. These sanctions may include Chinese banks and businesses doing trade with North Korea. US Treasury Secretary, Steve Mnuchin, said in an interview on Fox News on Sunday:
“We are going to strongly consider everything at this point and, again, I will draft a package for [President Trump’s’ strong consideration that would go as far as cutting off all trade and other business.”