Trump to pitch his ‘pro-rich’ tax plan to truckers, average Americans
Trump is expected to lay out his plans to end estate tax and a one-time concessional rate for repatriation of earning parked abroad by US companies.world Updated: Oct 11, 2017 18:59 IST
US President Donald Trump is scheduled to pitch his tax plan — branded as pro-business and pro-rich — to truckers at a rally in Pennsylvania to portray it as geared towards average Americans.
“Nothing gets done in America without the hard-working men and women of the trucking industry,” Trump plans to say in his speech, a senior administration official, previewing the speech, told reporters. “America depends on you for the fuel that powers our cars, the produce that nourishes our communities and the beautiful steel that stands up our tallest skyscrapers.”
At the speech, Trump is expected to lay out his plans contained in a nine-page document he had already released that contained proposals to end estate tax and a one-time concessional rate for repatriation of earning parked abroad by US companies, estimated to be $2.6 trillion.
“We will eliminate the penalty on returning future earnings back to the United States, and we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America where it belongs,” Trump is expected to say, according to excerpts released.
The White House official went on to say that the proposal will have the effect of a pay-raise of $4,000 from an average American family, but was unable to provide reasons how.
First Published: Oct 11, 2017 18:59 IST