President Trump: With tax reform we can make it morning in America again
President Donald Trump
October 22, 2017
"Today is the anniversary of former president Ronald Reagan signing into law the Tax Reform Act of 1986. The act was the second major law he signed to reform the tax code for the American people.
"Republicans and Democrats came together to cut taxes for hardworking families in 1981, and again in 1986 to simplify the tax code, so that everyone could get a fair shake. The rest, as they say, is history.
"The economy boomed, launching into one of the largest peacetime economic expansions in history. Dormant small businesses and factories sprung back to life. The famed American Worker produced at unprecedented levels. The median family income rose. And more American products than ever before reached foreign shores, stamped with those four beautiful words: 'Made in the USA.'
"It was a time of extraordinary optimism — it was truly 'Morning in America,' an economic miracle for the middle-class.
"A lot has changed since then, especially when it comes to taxes.
"While our economic competitors slashed their taxes in hopes of replicating America’s success, our leaders remained complacent or, in some cases, reversed course.
"In the nine months since I took office as president, we have removed intrusive, job-killing regulations at a record pace. We are leaving lopsided international deals that hurt America like the Trans-Pacific Partnership and Paris Climate Accord. We have unleashed American energy by ending the war on coal and approving major projects like the Keystone XL and Dakota Access Pipelines. And earlier this month, I signed an executive order to take important steps to free our people from the grip of Obamacare.
"And now, unemployment is at a 16-year low. Wages are rising. Manufacturing confidence is higher than it has ever been. The stock market is soaring to record levels. And GDP growth climbed to more than 3% in the second quarter.
"The optimism has returned — the sun is once again rising over America.
"Our plan will transform the tax code so that it is once again simple, fair and easy to understand. We want you to spend your valuable time pursuing your dreams, not trapped in a tax compliance nightmare.
"We will cut taxes for hardworking, middle-class families.
"We will double the standard deduction, which means the first $24,000 of a family’s income will be tax-free. We will also expand the child tax credit. And we will lower rates so that families will keep more of their hard-earned money.
"The tax cuts and reforms of the 1980s show that when we empower the American people to pursue their dreams, they will not only achieve greatness and create prosperity beyond imagination, they will build an entirely new world.
"It is time to ignite America’s middle class miracle once again."
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