President Trump is set to speak on his tax plan in Harrisburg, Pennsylvania, Wednesday, and he intends to show all it will do for truckers in front of a heavily blue-collar audience.
Fox Business reports that the White House confirmed Trump will be speaking at a local airplane hangar to an audience of roughly 1,000 people, including plenty of truckers, with a pair of big rigs behind him.
The centerpiece of Trump’s tax plan includes a 15 percent cut to corporate tax rates, lowering them from 35 to 20 percent. It would also reduce the number of personal income brackets and boost the standard deduction.
To the truckers, Trump will argue that his tax plan will lower their rates and give the industry more leeway in keeping their jobs in the country. He will also note that his plan makes it easier for them to pass on their businesses to their families.
“When your trucks are moving, America is growing. That is why my administration is taking historic steps to remove the barriers that slow you down. America first means putting American truckers first,” he is expected to state, according to excerpts provided by the White House.
Many details of Trump’s plan will need to be fleshed out by Congress, such as what the new personal income brackets will be.
Trump has made it a point that he wants to encourage multinationals to repatriate cash they’ve kept overseas. According to Deutsche Bank, there is roughly $1 trillion cash held abroad by S&P 500 companies.
“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,” Trump is expected to say Wednesday, adding that his “Council of Economic Advisers estimates that this change alone would likely give the typical American household a $4,000 pay raise.”
The president’s proposal includes cutting the top income tax rate, getting rid of the alternative minimum tax, and eliminating the federal estate tax.
TEAM DML blankets on sale now for Christmas (BUY NOW)
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Stocks rocket higher