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White House Launches Tax Cut Plan to Boost Businesses and the Middle Class

White House Launches Tax Cut Plan to Boost Businesses and the Middle Class Read Transcript


The White House is ramping up efforts

to pass a major overhaul of the tax code.

Last night, the president had dinner with a bipartisan group

of senators to talk taxes.

And his administration is revealing a strategy

that tries to avoid the mistakes made in attempting to repeal

and replace Obamacare.

Heather Sells is on that story.

HEATHER SELLS: The president is planning aggressive travel

to build support early for tax reform.

The plan, visit up to 13 states in the next seven weeks

and make the case for lower rates, a simpler tax

code, and incentives for multinational corporations

to bring home profits that are stashed overseas.

The strategy also involves visiting

states where a Democratic senator is up for re-election

next year.

The president has already tested this strategy with trips

to Missouri and North Dakota.

The taxes are crazy, the highest taxed nation

in the world.

We're going to turn that around very quickly.

HEATHER SELLS: Last night the president

held a bipartisan working dinner to promote his tax reform.

He invited six senators, including

three Democrats, Joe Manchin, Joe Donnelly,

and Heidi Heitkamp.

The dinner could boost their 2018 campaigns

as the president easily won in each of their states.

President Trump also met Tuesday with his economic advisers

to hammer out details, but no specific numbers have emerged.

Congressional Republicans are promising that the tax rewrite

will be, quote, "revenue neutral"

and not add to the nation's debt.

The president promises that it will be straightforward.

We need a tax code that is simple, fair, and easy

to understand.

HEATHER SELLS: He's also calling for major cuts for middle class

families.

And both the president and House Speaker Paul Ryan

are promising significant cuts for American businesses.

And when we tax our businesses in America

at much, much higher tax rates than our foreign competitors

tax theirs, they can price us out of the market.

HEATHER SELLS: Republicans hope to rewrite the tax

code by the end of the year.

If not, the Treasury Secretary says

they may make tax cuts retroactive to the start

of this year.

Heather Sells, CBN News.

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