President trump thank you. [cheers and applause] President Trump thank you very much. You just want massive tax cuts is what you want. Thats the only reason youre going so wild. But its wonderful to be back in the great state of indiana. What a place. [cheers and applause] President Trump i want to thank nor young, donnelly and representative jackie mularsky and susanne brooks and representative mike messer for joining us today. Thank you very much for being here. Appreciate it. I also want to thank members of my economic team, secretary Steven Mnuchin and director gary cone for joining us as well. We appreciate it. Let me begin by saying our hearts and prayers go out to the people of puerto rico and the Virgin Islands who are suffering in the wake of yet another catastrophic hurricane. Their island was virtually destroyed. Federal agencies are working closely with local partners to help these communities get back on their feet as soon as possible. Texas, florida, louisiana are doing great. And the Recovery Process is happening very, very quickly. I will be going down to puerto rico next week to get an on the ground briefing about the Disaster Recovery and to see all of our great First Responders and to meet a lot of the people who are so affected by these storms. We are with you now, i tell them. And we will be there every step of the way until this job is done. Its truly catastrophic what happened in puerto rico. And massive amounts of water, food and supplies, by the way, are being delivered on an hourly basis. Its something that nobodys ever seen before. From this country. I can tell you that. And im very proud of all of the folks that have worked so hard in fema, all of our First Responders, all of our police that have gone to the island because their police force has been so badly affected and many of their policemen, in fact most of the Police People have lost their homes and its been a tough go. But we are going to get it back. Before we go on to discuss the largest tax cut in our countrys history i want to provide a brief update on health care. We have the votes on grahamcassidy. But with the rules of reconciliation were up against deadline of friday, two days. And yes vote senator, we have a wonderful senator who is a yes vote but hes home recovering from a pretty tough situation and with so many great features, including all the block granting, the money to the states, etc. , etc. , our Health Care Plan is really going to be something excellent. Its going to be better managed for the people that it serves. Having local Health Care Representatives is far better than having health care managed from washington, d. C. Not even a conflict. [cheers and applause] President Trump and many governors have approved it and look forward to running it properly. Again, because the reconciliation window is about to close, we have to wait a few months until it reopens before we take a vote. So were getting all of the good signs from alaska and the others to repeal and replace obama care and i was hoping this would be put on my desk right after we won the election and id come in and sign but it didnt work that way, and a couple people that i wont say ything but early next year when reconciliation kicks back in, in any event, long before the november election, well have a vote and were going to be able to get that through and i think well actually get it through very easily in the time and makes it easier but speaking of reconciliation, the Republican Senate needs to get rid of the filibuster rule which is blocking so many great legislative reforms, the American People so badly want and deserve. By the way, the democrats, they have the opportunity, which hopefully they wont for many, many years, they would get rid of it on day one. And most of you know exactly what im talking about. Were here today in indiana to announce our framework to deliver historic tax relief to the American People. This is a once in a Generation Opportunity and i guess its probably something i can say that im very good at. Ive been waiting for this for a long time. Were going to cut taxes for the middle class, make the tax code simpler and more fair for Everyday Americans and we are going to bring back the jobs and wealth that have left our country, and most people thought left our country for ood. We want tax reform that is pro growth, pro jobs, pro worker, profamily, and yes, tax reform hat is pro american. Its time to take care of our people, to rebuild our nation, and to fight for our great merican workers. Indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens. This state has claimed a powerful Competitive Edge built on low taxes and less regulation and are we cutting egulation. And businesses all across the country have taken notice. In recent years, indiana has welcomed dozens of Companies Fleeing high taxes in high tax states. Thousands of new jobs and massive Capital Investment have followed, meaning a better quality of life for the people of indiana. All of this is possible because the people of this state have made a decision. They chose to make indiana competitive again. They chose and their choice was so important, it included electing a governor who you may have heard of, who signed the largest income tax cut in the states history, our very, very terrific person and terrific Vice President , mike pence. Its time applause] for washington to learn from the wisdom of indiana, we need washington to promote american jobs instead of obstructing them. That is what ive been working to achieve every day since i took office. That is what i talked about on the campaign trail. Already were seeing the results of an Economic Policy that finally puts america first. Unemployment is at a 16year low. Unemployment for africanamericans is near its lowest point since the turn of the millennium. Really a fantastic thing to see. Wages are rising, optimism among manufacturers has reached all time highs. G. D. P. Growth last quarter reached 3 , way ahead of schedule. Nobody thought that was going to happen for a long time. And this quarter, i believe would have been better but the hurricanes will have an impact. But other than that, it would have been my opinion even better. Your government is working for you once again, not for the donors, not the special interests, but the hardworking taxpaying citizens of our country. America is back on the right track and i see so many red hats, make America Great again. Thats what were doing. Ake America Great again. But our country and our economy cannot take off like they should unless we dramatically reform americas outdated, complex, and extremely burdensome tax code. Its a relic. Got to change it. Weve got to compete, compete with other countries. The current tax system is a colossal barrier standing in the way of americas economic comeback because it can be far greater than its ever been. But were going to remove that barrier to create the tax system that our people finally, finally, finally and want and deserve for several months, my administration has been working closely with congress to develop a framework for tax reform. Over the next few months, the house and senate will build on this framework and produce legislation that will deliver more jobs, higher pay, and lower taxes for middle class families for the working man and woman and for businesses of all sizes. I look forward thank you. I look forward to working with congress to deliver these historic tax cuts and reforms to the American People. These tax cuts are significant. Theres never been tax cuts like what were talking about. Our framework is based on four key ideas. First, we will cut taxes for the everyday hardworking americans, people that work so long, so hard, and theyve been forgotten. But theyre not forgotten any more. I think weve proven that on ovember 8. Under this framework, the first 12,000 of income earned by a single individual will be axfree. And a married couple wont pay a dime in taxes on their first 24,000 of income. So a married couple up to 24,000 can spend their money on their family, on their children, on what they have to do. So much better. In other words, more income for more people will be taxed at a ate of zero. At this 0 rate, taxable income will be subject to just three ax rates of 12 , 25 , and 35 . Jonathan brandton and his wife, jamie, from green town are here with us today. Where are they . Oh, hello, jonathan. How are you . Jonathan does industrial van toral work and jamie works at an auto company. Today theyre raising four beautiful children and last year earned less than 90,000. Under our tax plan, they would and saved more than 1,000 could be substantially more, and thats just on federal taxes. So they would have saved at least 1,000, middle income families will save even more money with an increased Child Tax Credit for children under the age of 17 which so many amilies have been calling for. We will eliminate the marriage penalty in the existing credit and expand eligibility to include even more middle income families, greatly expanded. Were also expanding the Child Tax Credit because we believe the most important investment our country can make is in our hildren. And this is just one more critical away that were targeting relief to working families. In addition, under our framework, those caring for the elderly loved, and we loved these people, but were caring and take such care of the elderly, and other adults dependents will receive Financial Relief in the form of a 500 tax credit. Were doing everything we can to reduce the tax burden on you and your family by eliminating tax breaks and loopholes. We will ensure that the benefits are focused on the middle class, the working men and women, not the highest. Come earners [cheers and applause]. President trump our framework includes our explicit commitment that tax reform will protect low income and middle income households, not the wealthy and well connected. They can call me all they want, not going to help. Im doing the right thing. And its not good for me, elieve me. But when is but what is good for me not only president and legacy, what is good for me is it everything takes off like a rocket ship like it should have for 20 years. Thats good for me. Thats good for everyone. And thats what i think is going to happen. And a lot of very wealthy people feel the same way, believe me. Eliminating re most itemized deductions that benefit the wealthy taxpayers and have Given Congress the flexibility to add an additional top rate on the very highest income earners to provide even more tax relief for working people. Second, our framework will make the tax code simple, fair, and finally. Derstand. Mericans waste money americans waste so much money. Billions and billions of dollars and many hours each year to comply with our ridiculously complex tax code. More than 90 of americans use assistance to prepare their taxes. Under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper. We are also repealing the alternative minimum tax or a. M. T. Bout time. The a. M. T. Is actually a shadow tax system that requires many people to calculate their taxes two different ways and pay the shyer of the two amounts. Youre all familiar with it. Under our framework, the a. M. T. Will make even less sense because were repealing many of the special interest tax breaks that it was designed to deal with. We are making our taxes simple again. We are simplifying our tax system. To protect millions of Small Businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to, the death tax. That means especially for all of you with Small Businesses that are really tremendous businesses, youll be able to leave them for your family and your family wont have to run out and do a fire sale to try and get the money to pay the tax, lose the business, ends up going out of business, all those jobs are lost, the farmers in particular are affected, they have wonderful farms but they cant pay the tax. So they have to sell the farm. The people that buy it dont run it with love and cant run it the same way and it goes out. So that death tax is a disaster for this country and a disaster for so many Small Businesses and farmers and were getting rid of it. If you dont like your family, it wont matter. For those that love your family, it matters a lot. Ith us today is kip tom, a family farmer from leesburg. Where is kip . Hi, kip. Who fears that his family farming heritage, its been a long time, how long, kip . 187 years. Thats peanut with, kip. Wow, thats a long time. But that great heritage could come to an end because of the death tax or the estate tax and could make it impossible for him to pass that legacy to his wonderful family. Were not going to let that happen. We are not going to allow the death tax to steal away the American Dream from these great, great families, many of hich are in this room today. We will protect our farmers, ranchers and Small Businesses and we will make taxes simple, easy and fair for all americans. K . Third, we will cut taxes on american businesses to restore our Competitive Edge and create more jobs and higher wages for merican workers. In indiana youve seen firsthand cutting taxes on businesses leaves to more jobs and higher paychecks for your workers. Now we want to do the same thing for america, making our country more competitive with other nations. And in many cases, those other nations are taking advantage of us in so many ways. They say theyre friends and perhaps they are, but believe me, im renegotiating our trade deals, including nafta, including many other trade deals. And through regulation, all you have to do is look at the massive pipelines, dakota access, you take a look, 48,000 jobs immediately approved. So were letting that happen. But in terms of the tax and tax scragget Ronald Reagan used to create an economic boom in the 1980s when our economy took off, the middle class drived and the Family Income of all families was increasing more and more and was a beautiful sight to behold. Since then other nations have adopted, unfortunately, our playbook and ran it even better than we did. And i shouldnt say even better, because we didnt run it well at all and we let other nations come in and take advantage of us and take our jobs away and take our businesses out, and were stopping that and you see it right here what weve done. Today our total business tax rate is 0 higher than our average foreign competitor in the developed world. Thats not good. Weve surrendered our Competitive Edge to other countries but were not surrendering anymore. Were not surrendering anymore. Under our framework we would dramatically cut the business tax rate so American Companies and American Workers can beat our foreign competitors and start winning again. We will reduce the Corporate Tax rate to no higher than 20 . Thats way down from 35 and 39 . Which is substantially below the average of other industrialized nations. This is a revolutionary change and the biggest winners will be the everyday American Workers as jobs start pouring into our country, as Companies Start competing for American Labor and as wages start going up at levels that you havent seen in any years. When our Companies Move to other countries, its our loyal American Workers who get hurt. And when Companies Stay in america and come to america, its our wonderful workers who reap the rewards. And i just left the United Nations last week and was told by one of the most powerful leaders of the world that they are going to be announcing in the not too distant future five major factories in the united a new between increasing five. Youll be hearing about that very soon. You will be hearing at very soon. I said, thank you very much. And he said you know what . It is starting to happen in the United States. It is starting to happen. I just wanted to let you know. I promised i would not say who. I will keep my word, ok . Unless you force me. [laughter] who . Pres. Trump members of both parties they happen to be in the automobile industry. Members of both parties should agree that we need a tax code that keeps jobs in our country and brings jobs back to our country. [applause] and for the millions of Small Businesses and farms that file their taxes as sole proprietors, corporations, partnerships, we will cap the tax rate they pay at 25 . Much lower. Big difference. [applause] this will be the lowest top marginal income tax rate for small and midsize businesses in this country in more than 80 years. [applause] to give businesses even more reason to boost their investment in america, for the next five years, our framework will allow to fully write off listen to this the cost of equipment in the year they buy it. That is fair. [applause] and that is instead of having to take deductions and deduct the cost over a long period of time. Now, that is called incentive. That is called incentive. This will be tremendously important to help american businesses afford the heavy machinery and other Capital Investments may need to grow big and strong. Joining us today is john gannon, the owner of a custom wood fencing and deck Construction Company in indianapolis. John is the father of nine children and recently celebrated his 35th wedding anniversary. Congratulations, john. [applause] and john is in the fencing company, as you heard. I have to mention this. We have a fence around the white house. We have a fence around the white house, and they want to build a new fence. I figured i am pretty good at construction. I figured maybe 1 million, 1. 5 million. This has been taking place for a long period of time, previous administrations. I said how much is the fence youre talking around the white house . Sir, the fence will cost approximately 50 million. I said what . I kid you not. We have thousands of things like that, thousands. We will get it all down, but think of that. 50 million. I assume it is a strong fence. [laughter] john, do you think you could do it for slightly less than 50 million . I think he could take 49 million off right now and have plenty of profit, right, john . [applause] it is crazy. Its crazy. [applause] never understand it, but we are working on it. John says a tax cut like we are proposing will make his business more competitive, allowing him to expand, hire more workers, and raise wages for his current employees, right, john . Also with us is aaron williams, father of two, who works in the field of information technology. Where is aaron . Hello, aaron. Hi. [applause] it is a good field. Aaron has seen the disastrous effects of high Corporate Tax rates right up close and personal as more and more hightech jobs are shipped overseas. You have been watching it, aaron, right . All over. Like millions of other americans, aaron wants to bring those jobs back to the United States. We are going to reduce the tax rate on american businesses so they can keep the jobs in america, aaron. Create jobs in america, compete for workers in america, and raise wages right here in america. Youre going to be in a much different position, ok . [applause] tremendous incentives. We want more products proudly stamped with those four beautiful words, made in the usa. Right . Made in the usa. Finally, our framework encourages American Companies to bring back the trillions and trillions of dollars in wealth that is parked overseas. Our current tax system, trillions. And by the way, for years, i have been hearing it is 2. 5 trillion. I assume it is much more. But democrats want to do it and republicans want to do it. Who does not want to do it . But they cannot do it, because it is so restrictive and the taxes are so ridiculous, so they cannot do it. The money stays in other countries, invested other invested in other countries, and we want to bring it back. It is one of the few things. Democrats want it and republicans want it. They both want it, and yet for years, they have not been able to do it. Now, we are doing it. We are doing things. [applause] you know, it is one thing when we want health care, and they want health care, and there is a dispute. There is a broken system in d. C. , but we are getting it fixed i think rather rapidly. You will be seeing that over the next few months. Our current tax system makes us one of the few developed nations in the world to punish our companies when they bring wealth and earned overseas back into our country. We are punishing them for bringing the money back in. As a result, corporations have parked many trillions of dollars in Foreign Countries and many in have incorporated abroad in order to avoid a punitive tax system altogether, and some companies actually leave our country because they have so much money overseas, so much. It is an incredible amount. They move the company to get their money. We are going to let them bring the money back home. [applause] our framework will stop punishing companies for keeping their headquarters in the United States. We are punishing companies under our codes for being in the United States. We will impose a one time low tax on returning money that is already offshore so it can be brought back home to america, where it belongs, and where it can be put to work, and work and work. [applause] the framework i have just described represents a once in a Generation Opportunity to reduce taxes, rebuild our economy, and restore americas Competitive Edge, finally. [applause] and i have to say, just before coming here, we released some of the details of the tax, the tax reform, and the tax cuts, and it has really received tremendous, tremendous reviews, and if senator donnelly does not approve it, because he is on the other side, we will come here. We will campaign against him like you would not believe. [cheers and applause] i think they are going to approve it. I think we will have numerous democrats because it is the right thing to do. These reforms will be a dramatic change from the failed tax system that encourages american businesses to ship jobs to Foreign Countries. That have much lower tax rates. Our competitors have much lower tax rates, but no longer. My administration strongly rejects this off shoring model, and we have embraced the new model. It is called the american model. [applause] under the american model, we are reducing burdens on our businesses as long as they do business in our country. That is what we want. We want them to do business in our country, not to leave our country like a number of firms from indiana. Some made some great promises to me, but those promises are only being partially kept, because they are incentivized to leave, but now, they will be incentivized to stay, and if that does not work, then we get even tougher than that, ok . We want our companies to raise wages for American Workers and help rebuild American Cities and towns. [applause] that is how we will all succeed together and grow together, as one team, one people, and one american family. We want it to happen here. [applause] tax reform has not historically been a partisan issue. And it does not have to be a partisan issue today. I really believe we are going to have numerous democrats come over, because it is the right thing to do. I believe it is the right thing to do, and i know many of them. They are telling me it is the right thing to do. President reagans tax cuts were passed with significant bipartisan majorities at a time when there was a democrat majority in the house and a democrat speaker. Tip oneill. Before that, democrat president john f. Kennedy championed tax cuts that surged the economy and massively reduced unemployment. As president kennedy very wisely said, the single most important fiscal weapon available to strengthen the National Economy is the federal tax policy. The right kind of tax cut at the right time. This is the right time. It is the most effective measure that this government could take to spur our economy forward. That was president kennedy. [applause] my fellow americans, this is the right tax cut and this is the right time. Democrats and republicans in congress should come together finally to deliver this giant win for the American People and begin a middleclass miracle once again. Miraclea middle class once again. It is also called a miracle for our great companies. A miracle for the middle class, for the working person. I truly believe that Many Democrats want to support our plan, and, with enough encouragement from the American People, they will find the courage to do what is right for our great country. [applause] but they will only do it if you, the American People, make your voices heard. Only if you Tell Congress to give us a tax code that puts american jobs first. That is what we are doing. [applause] history has proven time and time again that there is no power on earth more awesome than the will of the American People. That is why, today, i am asking all americans, republican, democrat, independent, to join with me, and with each other, to demand tax reform that will truly, truly, truly make America Great again. [applause] call your congressman. Call your senators. Let them know you are watching. Let them know you are waiting. Tell them that today is the day for decisions. That now is the time to heal this selfinflicted economic wound, and that with their action, the future would belong to all of us. If you demand it, the politicians will listen. They will answer, and they will act, and someday, many years from now, our children and grandchildren will remember this moment in history as the time when ordinary americans took control of their destiny and chose a future of american patriotism, prosperity, and pride. [applause] 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 Dreams. Thank you. God bless you. And god bless the United States of america. [applause] thank you. Thank you. Earlier in the day, house and Senate Republicans unveil their plans to overhaul the federal tax code. This would be the first major change to the tax code since changes in 1986. This is 20 minutes. [chatter]