WASHINGTON – President Donald Trump said on Tuesday that he wants his tax reform plan to be ready for him to sign by Christmas, at the latest, at a White House event at which he said of the “really historic tax cuts” he has promised that “there’s never been anything like this in the history of our country.”
“I want the House to pass a bill by Thanksgiving. I want all of the people standing by my side when we get ready to sign by Christmas,” Trump said before reporters during his meeting with business leaders to discuss the tax reform package.
If the House approves the tax reform bill by Thanksgiving, the Senate would then have about a month to do the same and send Trump the finalized bill for him to sign by Christmas.
“People are going to pay less tax by a lot. Companies are going to pay less tax by a lot. That’s a big difference,” said the president, adding that “companies are going to start rebuilding, and they’re going to stay here. And they’re going to expand, and they’re going to build new plants in this country. They won’t be going to other countries like they have been for many, many decades.”
Tax reform is one of Trump’s legislative priorities during his first year in office, and he has said that it will mean the biggest US tax cuts since the 1980s.
Trump’s proposal, outlined in late September by the White House, includes reducing business taxes from 35 percent to 20 percent and cutting the number of tax brackets for individual income from seven to three: 12 percent, 25 percent and 35 percent.
Last week, the House narrowly approved a budget bill clearing the way for debate in Congress on the president’s tax reform plan.
That bill includes allowing the bill to be approved in the Senate by a simple majority instead of requiring at least 60 votes.
Republicans, who are pushing the plan, have a Senate majority of just 52 seats and so the procedural maneuver is of prime importance for them to be able to muster enough votes to pass Trump’s tax reform.