Remarks on Tax Reform Legislation
The President. Thank you very much. Thank you, everyone. Please.
We're joined today by college students, young entrepreneurs, families, workers, mothers, and fathers from all over our Nation. You make this country run. It's an honor to be with you, and it's an honor to have you at the White House. And thank you all for being here—really fantastic. Thank you. [Applause] Great people.
As a candidate, I promised we would pass a massive tax cut for the everyday, working American families who are the backbone and the heartbeat of our country. Now we're just days away—I hope, I hope; you know what that means, right?—from keeping that promise and delivering a truly amazing victory for American families. We want to give you, the American people, a giant tax cut for Christmas. And when I say giant, I mean giant.
As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies. The typical family of four earning $75,000 will see an income tax cut of more than $2,000, slashing their tax bill in half. It's going to be a lot of money. You're going to have an extra $2,000.
But there are many more things than that. Our plan expands the child tax credit for working families. You'll hear the numbers very soon, but they're even larger than anticipated. It nearly doubles the amount of income taxed at the rate of zero. I don't know if any of you are paying zero. I hope you're not; I hope you're paying above that. [Laughter] But a lot of people who are having it a little bit tough are going to be paying zero.
It closes special interest loopholes. It lowers tax rates for families. And our plan also cuts taxes on businesses, which is expected to raise income by an average of more than $4,000. So your income goes up. It's like having a $4,000 increase, which isn't bad—which isn't bad. It's a lot of money to spend. A lot of jobs are going to be created with the money that you spend—very special. And it makes America competitive again so we can bring back that simple, but beautiful phrase, you've heard it before: Made in the U.S.A. Right? I don't know if they've heard it, but you've heard it.
Our current Tax Code is burdensome, complex, and profoundly unfair. It has exported our jobs, closed our factories, and left millions of parents worried that their children might be the first generation to have less opportunity than the last. Our factories have left, so many of them gone. But they're all coming back. And you see it—even before we do this—they're starting to come back. Our country is starting to do really well again, and as a country, we're being respected again. We're being respected again.
I'm here today to tell you that we will never let bad things happen, with respect to the economy of our country. We're not going to lose our businesses again, like has happened over the last number of decades. America is coming back bigger and better and stronger than ever before. Okay? They'll see it, and they're going to see the result.
America isn't content just by getting by. America is about getting ahead, about finding the best in ourselves and in each other. We are reclaiming our destiny as Americans, a nation that thinks big, dreams bigger, and always reaches for the stars. We didn't become great through massive taxation and Washington regulation. And by the way, we are cutting regulation at a rate never seen before in the history of our country.
We became great because our people, our families—and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery, and to begin the next adventure. You know what I'm talking about. And that's who we are, a nation of strivers and builders and dreamers and doers, people who treasure their independence and don't know how to quit. Never quit. Never, ever give up—never, ever.
I say that, also, to our great Cabinet. And they've done a great job. A lot of things have happened. Nobody's done the job that we've done.
When government loosens its grip, there is no summit we cannot reach. Our tax cuts will break down, and they'll break it down fast—all forms of government, and all forms of government barriers—and breathe new life into the American economy. They will unleash the American worker; they will tear down the restraints on discovery, innovation, and creation; and they will restore the hopes and dreams of the American family.
Millions of middle class families will win under our plan. And today we are honored to hear from a few of those wonderful and truly great families. Bryant and Ashley Glick—right?—are from Lancaster County, Pennsylvania. I know it well. They have two beautiful children with a third on the way. Bryant manages a farm equipment store. Ashley works in health care. This year, they were in the 15-percent tax bracket.
Under our plan, they will drop to the 12-percent bracket. That's a big drop. Instead of itemizing their deductions, they will be able to file their taxes on a single, little, beautiful sheet of paper. That's good. That's good. And instead of paying $2,600 in income taxes, they will get it down to $2,000. They'll save at least $600 and probably more than that.
Bryant, Ashley, how about saying a few words? You want to? Come on. Thank you very much.
New Holland, PA, resident Bryant J. Glick. Well, thank you, Mr. President. It's an honor to be here. On behalf of the good people of Lancaster County, my family, and specifically, my grandmother Linda Martin, well done. We—many of your predecessors promised that this reform was coming, but you did it. I—that, we are greatly excited about this.
With the tax savings that we are going to see, we are going to put that money into home renovations. And I'm excited that you were the one that got it over the finish line. Thank you, Mr. President.
The President. The Kovacs family also joins us today from Ohio. That's a great State. A lot of success in Ohio. [Laughter] Adam is a veteran who works in telecommunications, Lindsey works in administration—admissions at a university, and they have two beautiful children. This year, they're currently in the 25-percent bracket and pay nearly $14,000 in taxes. Our plan gives them their time back because they won't have to itemize, and it gives them nearly one-third of their money back, more than $3,500 for 1 year.
I'd like to invite the Kovacs to explain what our tax cuts will mean for them. They've studied it very closely. These are very smart, sharp people. They know exactly what we're doing here, and they like it. Come on up. Thank you. Lebanon, OH, resident Adam Kovacs. Thank you, Mr. President. It is truly an honor that you invited the Kovacs family to the White House today. This is going to be great for our family. We have home renovations that we want to take care of and, hopefully, save for our two children to go to college.
Thank you so much, Mr. President.
The President. The Giampolo family is from Polk County, Iowa. Anthony is a police officer and Aubyn is a 911 emergency dispatcher. When they're not at work protecting and serving their fellow citizens, their hands are full with four wonderful children.
This year, they were in the 25-percent bracket, their itemized deductions, and they've done everything they can. They paid more than $19,000 in taxes—thank you very much, by the way; that's a lot of money. [Laughter] I like to—under our plan, they will file on a single page and save $2,700. Anthony, Aubyn, maybe you'd like to say a few words? Come on in. Thank you.
Johnston, IA, resident Anthony Giampolo. I just want to thank President Trump. Education is very important to our family. Under this bill, our family would be able to save a lot of money. We have a lot of people going to school. My wife and I are both in graduate school, finishing up, and we've still got three other—four other kids to get through college. So it will help out a lot. [Laughter]
The President. Leon and Maria Benjamin are pastors of New Life Harvest Church—and it's a beautiful church in Richmond, Virginia—and they have three wonderful children. Under our plan, they will get a larger tax refund to help them pay their bills. They'll receive a tax refund this year of $3,000. Leon and Maria, I would love you to discuss your middle class tax cut a little bit with the millions of people watching right now on television. [Laughter] You do very well, and we're very proud of you. And it is indeed a beautiful church. I got to see a very, very nice picture. We'll have to get there someday soon. Thank you. Come on in, please, please.
Richmond, VA, resident Leon Benjamin. [Laughter] To God be the glory. Thank you, President Trump, for inviting us here. On behalf of the Benjamin family and of course, Richmond, Virginia, we represent a cadre of many families across the Nation. African American families, urban communities, and families all across need this now. And it's time for a change, and it's time that we recognize that our President is making good on his promises. Thank you, Mr. President. God bless you, and we'll continue to keep praying for you and your team as you move forward and forge ahead with this new future in America. God bless you.
The President. He can be my minister anytime. [Laughter]
The Howard family lives in Tenino, Washington. Issac owns an espresso machine service company, and Emily takes care of their four beautiful children. They are currently in the 15-percent bracket and pay $2,500 in taxes. Our plan will totally wipe out their tax bill, and they might even get a refund of substantially more than $700. I'd like to introduce them. Come on up.
Tenino, WA, resident Emily Howard. I'm going to speak for us today. [Laughter] We are absolutely blessed to be here, so thank you, Mr. President. It's our joy to stand before you guys. And what this means to us as a family is that we will be able to pour out into our community—whatever that looks like—giving away to families that are in need or setting them up for success in any way that—whatever God has planned for our family. I think that that is our goal, and that we are blessed to have such an amazing President—and what a good steward he is of our country.
So thank you, Mr. President.
The President. Well, thank you all. It's critically important for Congress to quickly pass these historic tax cuts, and that's going to take place, I think, even before the media—I used the word "media." Did you notice? As opposed to "fake news media"—I don't say that. [Laughter] Because today is a very important day. We want everybody to be covered very accurately.
So I'm excited to announce that if Congress sends me a bill before Christmas, the IRS—this is just out, this is breaking news—has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February, just 2 short months from now. Right? [Applause] Just got that. We just got that.
Fifty-five years ago this week, President John F. Kennedy, a Democrat, launched a historic effort to pass sweeping top-to-bottom tax cuts. A half a century later, we're reminded that lowering taxes is neither a Republican or Democrat idea, but an American principle and an American idea.
The goal of my administration is for every American to know the dignity of work, the pride of a paycheck, and the satisfaction of a job well done. We want people to love waking up in the morning and going to work, just with that incredible enthusiasm that we have in this country. And that's what we're going to be doing, and that's what's going to be happening.
Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 percent growth—far ahead of schedule, by the way—far, far ahead—in each of the last two quarters. And if we didn't have the hurricanes, we could have hit 4 last quarter. Four—a number that was unthinkable 2 years ago when I started the campaign, and even my first month in office—that was an unthinkable number. And I'll tell you what, it's going to go higher than that.
We've created 2.2 million jobs since the election. Unemployment is at a 17-year low. The unemployment rate in the manufacturing business is the lowest in recorded history. Consumer confidence is a 17-point high. Pensions and retirement accounts are soaring as the stock market hits 85 new record highs since the election. How am I—how are we doing? Are we doing okay? Not bad, right?
And if Congress sends me a tax reform, this is only a small beginning to the incredible things that our people will achieve over a very short period of time and the tremendous heights that we will reach economically and so many other ways in our country.
Every day, as this victory draws closer—I mean, we are so close, right now. So close. In fact, almost—I don't want to talk about it. Maybe we shouldn't talk about it. [Laughter] The cynical voices that opposed tax cuts grow smaller and weaker, and the American people grow stronger. I heard one of our opponents stand up the other day and say, this is for the rich. They had no idea. They didn't even see the final bill. I didn't see the final bill. This is for the people of middle income. This is for companies that are going to create jobs. This is for very, very special people, the great people of America.
Everyday, hard-working Americans know that the future of this Nation will never belong to those who say "You can't." It will always belong to the American people who will say "We will." It belongs to people like the Glicks, the Kovacs, the Giampolos, the Benjamins, the Howards, and the millions of Americans just like them across our Nation, who pour out their hearts and souls every single day to take care of their families and the country they love and that we love.
We are going to have a country that celebrates you again: hard-working, great people. You're being celebrated again. Remember that. Because you were a little bit forgotten. We had called it "the forgotten people." Somebody else called me and everybody else the "deplorables." Have you ever heard that term? Right? We're proud to be the deplorables, and we're doing well.
We're going to make our tax system work for you again. We're going to make our economy work for you again. And we are going to make the American Dream—and that's the real dream—that will be the dream that you want for your children and your grandchildren once again.
But we need your help to get Congress across that finish line. We'll have very little Democrat support, probably none, and that's purely for political reasons. They like it a lot, and they can't say it. They don't like what's happening. But they can't say it. Some day we have to come together and do bipartisan, and hopefully, it can happen soon. [Applause] Right?
If you make your voices heard, this moment will be forever remembered as a great new beginning, the dawn of a brilliant American future shining with patriotism, prosperity, and pride. With your help, we will bring back our jobs; we will bring back our wealth as a country; and, for every citizen across this beautiful land, we will bring back our great American dreams.
Thank you, and God bless you all. Thank you very much. Thank you.
NOTE: The President spoke at 3:02 p.m. in the Grand Foyer at the White House. In his remarks, he referred to Adelaide and Emerson Glick, children of Mr. and Mrs. Glick; Bella and Calen Kovacs, children of Mr. and Mrs. Kovacs; Alyssa R., Michael R., Giuliana R., and Natalia M. Giampolo, children of Mr. and Mrs. Giampolo; Delcarmen, Leon Jr., and Destiny Benjamin, children of Mr. and Mrs. Benjamin; Gabriel, Penelope, Katie, and Lucy Howard, children of Mr. and Mrs. Howard; and 2016 Democratic Presidential nominee Hillary Rodham Clinton. He also referred to H.R. 1.
Donald J. Trump, Remarks on Tax Reform Legislation Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/331762