During a recent interview with “Sunday Morning Futures” host Maria Bartiromo, President Donald Trump made a major promise about his tax reform proposal.
“It’ll be the biggest cuts ever, in the history of this country,” Trump said in the interview, which aired in two parts Sunday and Monday on Fox News. “And I think that there’s tremendous appetite, this tremendous spirit for it, not only by the people we’re dealing with in Congress, but the people out there who want to see something.”
“It’s a great bill,” Trump said of the tax plan. “And we’re adjusting so there’s no way the middle class doesn’t benefit.”
Trump also expressed hope that tax reform could get done by the end of the year.
The plan, which almost doubles the standard deduction, also cuts the number of current individual tax brackets from seven to three, leaving individual tax rates of 12 percent, 25 percent and 35 percent, The Hill reported.
On Thursday, the Senate passed the 2018 budget blueprint, freeing the House Ways and Means Committee to introduce Trump’s tax cuts as legislation.
However, Democrats have criticized Trump’s plan, claiming it only benefits the wealthy. One of the harshest critics has been Senate Minority Leader Sen. Chuck Schumer of New York, who Trump addressed personally in the interview.
“Here’s the thing,” Trump said. “Schumer — I like Schumer — but before he even knows the plan he’ll say ‘Oh, this is for the rich,’ so he doesn’t even know what the plan is. And he’s screaming for the rich.”
This criticism has led the GOP to consider adding a fourth bracket for the wealthiest Americans, but Trump says he would “rather not” add it.
Experts expect this additional bracket would be set between 35 and 39.6 percent.
On health care, Trump was also optimistic, saying, “I believe we’re going to get that also.”
“It’ll be in the form of block grants to the states. It’ll be a wonderful health care, it’ll be a tremendous health care, managed properly in smaller doses where you can really do it much more individually,” Trump said. “So I think we’re going to get that also.”
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