The President's Weekly Address
My fellow Americans, since day one, my administration has been hard at work, tearing down the barriers to job creation and economic growth. We have removed one job-killing regulation after another; they're not pretty, and they're going. And believe me, we are just getting started on regulations. They're gone.
On Thursday, the House voted to repeal one of the worst job-killing laws of all. It's called Obamacare; perhaps you've heard of it. Everywhere we look, Obamacare is collapsing. The House bill is a plan that will save Americans from this disaster and replace it with more choices and more freedom for American families. Most importantly, it will be great health care, and your premiums will come down, and your deductibles will come down. So you'll have better health care at a lower cost. And now I'm calling on the Senate to take action. Repealing and replacing Obamacare will be a big, big win for the American people.
Last week, my economic team outlined another step in our economic renewal: a massive tax cut to bring jobs and prosperity back to the U.S.A. We pay the highest taxes anywhere in the world. No country is higher. And we're bringing them down, and I mean way down.
I am proposing, actually, the single largest tax cut in American history. Our tax relief will be focused on the middle class, including much-needed relief for low- and middle-income parents raising children.
As we provide tax relief to working families, we must also stop crippling American industry. Right now America's businesses are taxed at the single highest rate in the developed world. This is a self-inflicted economic wound that sends jobs to other countries. And believe me, before I got here, they were fleeing fast, but we've stopped it. We want to turn our country into a jobs machine, a jobs magnet, something that really works again. We want America to be the best place in the world to hire, grow, invest, and start a brandnew, beautiful business.
And that is why under our plan, we are cutting the business tax rate all the way down to 15 percent, bringing thousands of new companies and millions of new jobs to our shores. Today's high taxes on American business are a gift to the foreign countries taking our jobs, factories, and wealth, and we're not going to allow it any longer.
Along with our historic tax cut we are proposing dramatic tax simplification. American taxpayers spend billions of hours each year complying with our archaic tax laws, reducing economic productivity and job creation.
The complexity of the Tax Code also disadvantages small businesses and family-owned companies who can't afford to hire an army of lawyers, and that's what it is; it's an army of lawyers and lobbyists or accountants. Other people can do it; you can't. And it's not fair to ask you to even think about it. That is why we are cleaning up the code, streamlining deductions, and eliminating many special interest tax breaks that largely benefit only the wealthy.
Just weeks ago, millions of Americans filed their taxes on tax day; they were reminded again how much they give to Washington. We believe everyday Americans know better how to spend their own money than the Federal bureaucracy, and we want to help them keep as much of that hard-earned money as we can. Tax reform, along with regulatory relief and fair trade deals—and we're going to make them fair, but even really good again for our country and for our workers—all of this will usher in a new era of prosperity in America and bring wealth, hope, and opportunity to those communities that need it the most.
Together, we are going to fight for every last American job. And we are going to fight for great, great trade deals that are so good for our workers and so good for our families.
Thank you, God bless you, and God bless America.
NOTE: The address was prerecorded for broadcast on May 5. Information regarding the time, date, and location of the recording was unavailable. In the address, the President referred to H.R. 1628.
Donald J. Trump, The President's Weekly Address Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/327047