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Last updated on Thursday, November 2, 2017
(WASHINGTON) - President Donald Trump released a statement Thursday embracing the tax reform proposal unveiled by House Republicans and also fired a warning shot at those who will likely criticize it.
"The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts," Trump said.
Driving his support home, particularly for a reduction on corporate tax rates, Trump made an announcement Thursday touting a decision by manufacturing giant Broadcom Ltd. to move its headquarters from Singapore to the U.S. Broadcom's CEO Hock Tan, who joined Trump in the Oval Office, said the move would bring $20 billion in revenue into the U.S. "From our base here, each year we will invest $3 billion in research and engineering and $6 billion in manufacturing, resulting in more high-paying tech jobs," Tan said in a statement.
"We will restore our competitive edge by reducing business taxes for the first time in more than 30 years," Trump said. "We will bring back trillions and trillions of dollars that's now parked overseas, so that money can be put to work rebuilding the United States of America as opposed to building other parts of the world."
The Tax Cuts and Jobs Act introduced on Thursday is at lowering the tax rate from 35 percent to 20 percent as part of a plan to slash $5.5 trillion in taxes over the next decade.
Indiana Republican Party State Chairman Kyle Hupfer issued this statement following on the unveiling of the Tax Cuts and Jobs Act:
"The Tax Cuts and Jobs Act reinforces the commitment President Donald Trump, Vice President Mike Pence and Congressional Republicans made to pass pro-growth tax reform on behalf of the American people. This plan will put more money into the pockets of hardworking middle class Hoosiers by simplifying our tax code, creating more jobs and making American businesses more competitive."
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