Trump hits Puerto Rico's preparedness in speech to manufacturing group

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"At the very center of that plan, is a giant, beautiful, biggest-ever-in-our-country tax cut", he said.

New York Democrats came out in force Thursday to stress that the tax plan the president revealed following his secretive meetings with Republicans would hurt working and middle class New Yorkers. "With your help and your voice, we will bring back our jobs, we will bring back our wealth, and for every citizen across this land, we will bring back our great American dream".

The tax reform would slash corporate tax rates from 35 to 20 percent.

Republican Kevin Brady, chairman of the tax-writing House of Representatives Ways and Means Committee, said he expected tax legislation to be passed by the end of this year.

"Tax reform is important in order to grow the economy and to create opportunities for families across NY and the nation", Faso said.

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President Trump's speech to the National Association of Manufacturers Friday went slightly off track before it had really begun.

"President Trump has been a tireless advocate for manufacturers and we are honored to have him address industry leaders on the critical need for bold tax reform", NAM President and CEO Jay Timmons said in a statement.

The tax proposal gets rid of the personal exemption that filers now claim for each taxpayer and dependent.

"President Donald Trump has delivered on his commitment to put the full weight of the White House behind bold tax reform".

The White House said that, under the proposal, typical middle-class families would have less income subject to federal tax.

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Trump's senior economic advisor Gary Cohn said Thursday the plan would be a boon to the middle class and create prosperity for all, by increasing growth to pay for the tax cuts. "Taxpayers in the top one percent (incomes above $730,000), would receive about 50 percent of the total tax benefit [in 2018]; their after-tax income would increase an average of 8.5 percent".

There clearly would be seismic changes for businesses large and small, with implications for companies beyond US borders. The Committee for a Responsible Federal Budget analysis said Republicans had only identified about $3.6 trillion in offsetting revenues, meaning the cost to the federal deficit could be in the $2.2 trillion range.

Australian businesses are at risk of being left further behind in the global competition stakes as the United States proposes a radical attack on business taxes and red tape. Then, it partly makes up for that by raising individual income taxes by $470 billion (blue bars).

The plan bears resemblance to the large tax cuts that President Ronald Reagan, in 1981, and President George W Bush, in 2001, passed in the first year of their administrations. They did not target the popular ones for mortgage interest and charitable giving, but called for scrapping the one for state and local tax payments.

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