President Donald Trump touted his party’s tax reform push on Tuesday and argued that an overhaul that adequately reduced taxes on businesses will “create millions of new jobs.”
“We’re going to reduce taxes for companies, and those companies are going to produce jobs,” Trump said in the White House, where he gathered with Republican leaders to talk taxes. “Tax reform that follows these principles will create millions of new jobs and ensure that more products are stamped with the very beautiful letters and words, ‘Made in the U.S.A.’”
“It’s time to lower our taxes, bring back our wealth and make America the jobs magnet that it can become, and pretty quickly,” he added.
Congressional leaders who attended the meeting included Senate Majority Leader Mitch McConnell, House Speaker Paul Ryan, Senate Finance Committee Chairman Orrin Hatch, and House Ways and Means Committee Chairman Kevin Brady. From the administration, Vice President Mike Pence joined, as well as Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, deputy chief of staff Rick Dearborn, and legislative affairs director Marc Short, according to a pool report.
The administration has put out broad principles for overhauling the tax code, like slashing the corporate tax rate, but are still in the process of discussing the finer points needed to form legislation.
Ryan has said Congress plans to pass tax reform by the end of the year, but lawmakers have a long to-do list before then, including passing a budget, funding Hurricane Harvey disaster relief, raising the debt ceiling and now, potentially, tackling immigration reform.
The White House called on Congress to take on immigration reform on Tuesday, when it announced that it plans to rescind an Obama administration program that protects undocumented immigrants who were brought to the U.S. as children.