Trump Pitches Tax Cuts As ‘Rocket Fuel’ For The Economy

PhotoWASHINGTON — President Trump took his push for deep tax cuts to a supportive audience of manufacturers on Friday, arguing that reducing levies on businesses will be “rocket fuel” to propel economic growth and ultimately translate to more jobs and better wages for American workers, as well.
Advertisement Continue reading the main storyAbout 95 percent of businesses in the United States are structured as pass-throughs, and they account for most of the corporate tax revenue paid to the government.
Businesses would be allowed to deduct the full cost of new equipment in the first year rather than spread it out over time.
“Under my administration, the era of economic surrender is over and the rebirth of American industry is beginning,” he said in a speech to the National Association of Manufacturers.
Still seeking a major first-year legislative victory after the latest failure of his bid to repeal and replace his predecessor’s health care system, Mr. Trump sought to rally business support for his tax package even as special-interest lobbyists already have begun mobilizing to save breaks and provisions threatened by the plan.

Read more on: http://nytimes.com