The President: Thank you very much,
ladies and gentlemen.
It's great to be back in Pennsylvania with the
proud men and women of the American Trucking Associations.
(Applause.)
We love Pennsylvania, and we love
our great truckers.
(Applause.)
I also want to thank all of our wonderful members
of Congress who are here with us today.
Should I read their names?
Yes?
(Applause.)
Then I will.
Representative Lou Barletta, great guy,
running for governor.
(Applause.)
He's running for the Senate.
He's running for the -- where's Lou?
So, I heard he was running for governor,
but then I heard he was running for the Senate.
He's going to win.
You're going to win big.
You're going to win big, Lou.
Good luck.
(Applause.)
A friend of mine for a long time, Representative
Mike Kelly.
(Applause.)
Thank you, Mike.
Tom Marino -- going to be the drug czar.
He's going to do a great job.
Tom Marino.
(Applause.)
Thank you, Tom.
He's going to be amazing.
The drug czar.
Patrick Meehan.
Patrick.
(Applause.)
Thank you, Patrick.
Scott Perry.
(Applause.)
Scott.
And Lloyd Smucker.
(Applause.)
Lloyd, thank you.
Thank you, Lloyd.
I also want to thank a couple of very special people.
They've been fantastic in what they've done.
Secretary of the Treasury Steve Mnuchin,
who is here someplace.
(Applause.)
And Gary Cohn, Director of the
National Economic Council.
Thank you, Gary.
Thank you.
(Applause.)
And Mike Turzai, the Speaker of the
Pennsylvania House of Representatives.
Thank you, Mike.
(Applause.)
I think that's enough, right?
That's enough.
(Laughter and applause.)
We'll start losing the crowd, Mike.
Before we begin, I want to take a moment to
address some of the recent tragedies that
have struck our incredible nation.
In the darkest moments, the light of our people
has shown through like seldom before -- their
goodness, their courage, and their love.
No destructive force on Earth is more powerful
than the strength and resilience of the
American people.
(Applause.)
We are praying for all of the families affected by
the horrific mass shooting that took
place in Las Vegas.
We grieve with you, and we will never leave your side.
Our hearts are also with the victims of the
wildfires in California's Napa and Sonoma valleys
-- and they are wild and dangerous fires.
And we have FEMA out there right now, along
with a lot of first responders doing an
incredible job with everybody else.
And they really have done a really incredible --
and it's a very dangerous job.
My FEMA people are incredible -- incredible.
(Applause.)
We have issued a disaster declaration and are
working closely with state government.
The recovery effort is fully underway for those
impacted by the recent catastrophic hurricanes.
Through these difficult times, we have witnessed
the unbreakable spirit of our nation.
Together, we will restore, rebuild, and
return stronger than ever before.
That's what's happening.
(Applause.)
We are here today to discuss our vision for
America's economic revival, which has
already started.
It started on November 8th.
(Applause.)
We want lower taxes, bigger paychecks, and
more jobs for American truckers and
for American workers.
It's happening.
(Applause.)
Nothing gets done in America without the
hardworking men and women of the trucking industry.
Do we agree with that?
Do we agree?
(Applause.)
Thank you so much -- job you do.
When your trucks are moving, America is growing.
Do you agree?
(Applause.)
That is why my administration
has taken historic steps to remove the barriers that
have slowed you down.
America first means putting American truckers first.
(Applause.)
Since January of this year, we have slashed
job-killing red tape all across our economy.
We have stopped or eliminated more
regulations in the last eight months than any
President has done during an entire term.
(Applause.)
It's not even close.
That includes eliminating the regulations that
drive up the cost of energy.
We want low-cost fuel for our truckers and for our
families all across this country.
And we are just getting started, believe me --
just getting started.
(Applause.)
I've ordered every agency across the federal
government to review and then remove the
regulations that destroy your jobs, hamstring your
companies, and undermine your ability to compete.
My administration is also committed to passing a
historic infrastructure package that will
generate $1 trillion to rebuild America's
crumbling infrastructure with a special focus on
roadways and highways.
(Applause.)
It is time to take care of our country, to
rebuild our communities, and to protect our great
American workers.
It's about time.
(Applause.)
And already, we are seeing the incredible results.
Results that, in many cases, the media
hates to report.
But I'll report them tonight for you.
(Applause.)
Unemployment is at a 16-year low.
(Applause.)
Wages are rising -- and you know
you haven't heard that in a long time.
(Applause.)
The stock market is soaring to record levels,
boosting pensions and retirement accounts for
hardworking Americans.
Their values are going up every single day.
(Applause.)
And very proudly, just in the stock market alone,
we have increased our economic worth by $5.2
trillion dollars.
That's right since Election Day -- $5.2 trillion.
(Applause.)
Think about that.
That's a quarter of the $20 trillion that we owe.
So we've already -- but listen to this because
we've doubled -- in the last eight years of the
previous administration, the debt doubled, so that
in eight years our debt -- literally hundreds of
years of debt -- doubled in eight years to $20 trillion.
But since the election on November 8th, I've
increased the value of your U.S.
assets by more than the $20 trillion that we
currently owe.
(Applause.)
You haven't heard those numbers.
GDP growth reached more than 3.1 percent last
quarter -- way ahead of schedule.
We weren't supposed to hit that number for a
long time.
(Applause.)
Not for a long time.
And I will tell you, I think this quarter would
have even been better, but we did get hit with
some very, very powerful hurricanes.
But it's still going to be very good.
Manufacturing confidence is at an all-time high,
which is great news for those who ship products
to the marketplace.
The confidence in our country is back like it
hasn't been in many, many years.
(Applause.)
The fact is, America is finally back on the right track.
But our country, and our economy, cannot take off
like they should unless we transform America's
outdated, complex, and extremely burdensome tax code.
(Applause.)
And that's why I'm here with you right now, tonight.
Thank you.
And we're going to fight, and we're going to get
those Republicans and maybe of few of those
Democrats to raise their hand.
And you're going to have so much money to spend in
this wonderful country and this great economy.
(Applause.)
That is why we have proposed tax cuts that
are pro-growth, pro-jobs, pro-worker, pro-family,
and pro-American.
(Applause.)
We need a tax system that is fair to working
families and that encourages companies to
stay in America, grow in America, spend in
America, and hire in America.
(Applause.)
Throughout the year, my administration has worked
closely with Congress to develop a framework for
tax reform that will deliver exactly that:
more jobs, higher pay, and lower taxes for
middle-income families and for American
businesses of all size.
(Applause.)
Our tax reform framework will achieve our four
core principles:
First, we will cut taxes for everyday,
hardworking Americans.
(Applause.)
Under our framework, the first
$12,000 for a single individual and the first
$24,000 for a married couple, will be tax free.
No tax at all.
(Applause.)
And remember, you'll do your tax on a single
piece of paper.
(Applause.)
H&R Block will not like Donald Trump very much.
That's one company, I will tell you -- they
will not like me at all.
And that's okay.
We are nearly doubling the amount of income that
based at the zero bracket.
In other words, as the Democrats say -- and do
they say untruths -- you look at what's happened,
they're not telling you the truth.
Because they pretend there isn't a zero rate.
And there is, and it's expanding very
substantially under my plan.
They don't show the zero rate.
So they go, oh, 15 percent, or 12 percent
against 15.
But it's not.
It's 12 percent against zero.
You take a look at the categories.
So we're bringing it down, remember, from
eight brackets to four.
But they're forgetting to use the zero bracket,
which truly is deceptive.
Do we agree with that?
(Applause.)
It's truly very deceptive.
Under our framework, we make the zero bracket
bigger and get rid of the 10 percent bracket, and
we're reducing the 15 percent rate down to 12 percent.
So that's a massive amount of money.
(Applause.)
So the rates are coming down to 0, 12 percent, 25
percent, and 35 percent -- all big beneficiaries
from what you have now.
Big beneficiaries from what there is like you
haven't seen before.
Joining us today is Susi Schlomann, a retiree who
recently moved to Pennsylvania from Queens,
New York.
Well, I like both places.
I like Pennsylvania; I grew up in Queens.
(Applause.)
Went to school in Pennsylvania.
Like them both.
Where's Susi?
Where are you, Susi?
Where's Susi?
Hi, Susi.
How are you doing?
You're going to be happy with this, right?
Because you know what I'm going to say.
Thanks, Susi.
And Susi says that high taxes are forcing seniors
like her to make painful cuts and cutbacks during
the golden years of their lives.
Best years of their lives.
She hopes Congress will pass our framework so we
can help more American seniors make ends meet on
a fixed income.
We must honor and respect --
(applause)
-- the people whose decades of hard work helped to build
our country and to make our country great.
But we're going to make our country greater than
it's ever been before.
That's what's happening.
(Applause.)
Our framework also provides relief to those
who care for an adult dependent or elderly
loved one through a $500 tax credit.
So important, and so many people have wanted it.
And we will substantially increase the child tax
credit to save working families even more money.
(Applause.)
The single most important investment our country
can make is in our children.
The strength of our nation is determined by
the strength of our families, and we are
committed to helping parents make starting and
raising a family more affordable.
Also with us today is Laureen Cummings, a
mother of four who owns a small staffing company
that provides private nursing services
and at-home care.
Laureen.
Where's Laureen?
Hello, Laureen.
(Applause.)
Laureen says that if Congress passes tax
relief and reform, she will be able to create
more high-paying jobs for healthcare workers in the
Scranton area.
That's an area that we love, I will tell you that.
(Applause.)
Our framers framework will unlock the American
dream for millions of our fellow citizens.
By eliminating tax breaks and special interest
loopholes that primarily benefit the wealthy, our
framework ensures that the benefits of tax
reform go to the middle class, not to the
highest earners.
It's a middle-class bill.
That's what we're thinking of.
That's what I want.
I've had rich friends of mine come up to me, and
say, Donald, you're doing this tax plan --
we don't want anything.
We don't.
Now, they gain when the economy gains.
They gain when companies get better.
They gain in lots of different ways.
But they don't want that.
So many people have come up to me and say, give it
to the middle class.
Give it to people that need it.
Give it to people that want to spend it.
You would be surprised.
Bob Kraft, he owns the New England Patriots,
good guy, does very well.
Good guy.
He does a great job.
He was at the White House recently.
He gave me a Super Bowl ring.
I was very honored.
(Applause.)
I was very honored.
And as he's leaving the White House, he said,
Donald, I know you're very soon going to be
doing tax reform and tax cuts.
Give it to the middle class.
Don't give it to us.
Give it to the middle class.
And that's what we're trying so hard to do.
And you will see how good this is.
(Applause.)
So important.
It is so important.
The second plank of our tax framework is to make
the tax code more simple, fair, and easy to understand.
American families and businesses waste billions
of hours, and tens of billions of dollars, on
excruciating paperwork -- you see that, I mean it's
all over the place, and you have no idea what
you're doing anyway -- and compliance
every single year.
Massive numbers of paper.
Under our framework, the vast majority of families
will be able to file their taxes on that same
single sheet of paper that I'm so proud of
talking about.
(Applause.)
As part of the effort to make our tax system
simple and fair, we are going to protect
thousands of family businesses by ending the
crushing, horrible, and unfair estate tax,
sometimes known as the death tax.
(Applause.)
That's a tax that has destroyed so
many businesses and kept those businesses out of
your family, your children, your grandchildren.
It's very sad.
But we are working to end the estate tax, to end
the death tax, as it's often called.
(Applause.)
In the crowd today, we have Calvin Ewell
and his son, Steve.
Calvin.
Where's Calvin?
Where is Calvin?
(Applause.)
Good-looking family.
The Ewells has been a trucking business and in
the trucking business since 1946, a very good year.
(Applause.)
It's a great year.
I love that year.
Trucking runs in their blood, and Calvin wants
to pass his company along to his children, just as
it was passed down to him by his father.
We are going to protect small businesses owners
and their families so they can continue to run
their companies with dedication and with love.
(Applause.)
And we will make taxes simple, and easy, and
fair for all Americans.
(Applause.)
Thank you, Calvin.
Calvin, you want to hand that business down, right?
But you know, don't worry about it for about 40
year, I hope, okay?
4-0 -- long time.
Right?
Let's keep him around.
Thank you, Calvin.
(Applause.)
Third, we will cut taxes on American businesses to
restore our competitive edge and to create more
jobs and higher wages for American workers.
The last major tax reform was passed more than 30
years ago in 1986, with a large bipartisan majority.
I mean, it was a bipartisan bill.
That would be wonderful.
But sadly, the Democrats have become
obstructionists.
They want to stop.
They don't want to do anything productive.
They want to raise your taxes very,
very substantially.
I mean, I won't even talk about open borders and
higher taxes.
That's not a good combination to get
elected, believe me.
But it's open borders and high taxes, but they are
good at obstruction.
The 1986 tax bill substantially reduced our
corporate tax rates to make America
globally competitive.
The plan worked, and jobs and industry boomed.
Other countries saw our success however and they
copied our playbook.
Our foreign competitors adopted tax rates much
lower than ours and much more competitive, and all
of the sudden, they started taking our
businesses away from us.
In fact, when it comes to the business tax, we are
now dead last among developed nations.
Our rate is the least competitive rate.
We have the highest tax rate anywhere in the world.
How foolish is this?
Our business tax rate is 60 percent higher than
our average economic competitor.
The current system has placed a massive tax on
every product made in America.
Remember the expression, "Made in the USA," "Made
in America"?
You don't hear that so much, but you're now
starting to hear it again.
What do you like better -- "Made in America" or
"Made in the USA"?
Ready?
Made in America.
(Applause.)
Made in the USA.
(Applause.)
Seems to be -- hi, Jeffrey -- the great
Jeffrey Lord.
(Applause.)
He was on fake news CNN for a long time.
He was one of my few sources of truth.
Thank you, Jeffrey, for being here.
That's a great honor.
Thank you.
(Applause.)
Good man.
But giving so many countries a tremendous
advantage over us -- if you look at China at 15
percent, and Mexico -- all of these countries
has a lower tax rate than the United States.
You can't compete that way.
It is time to end this unfair disadvantage and
to give American companies and workers the
level playing field they so richly deserve, finally.
(Applause.)
Because when American truckers --
and I mean these great, great people.
These are great heroes.
If they have a level playing field, there's
nobody on Earth with trucks or any other way
that can beat you folks.
There's nobody.
I know what you go through.
There is nobody that can beat you.
Nobody.
(Applause.)
But you finally have a government -- and
frankly, you finally have somebody that has given
up a lot.
My other life was very good.
I have to be -- I had a very good life.
(Applause.)
I had a very good life.
But you know what, I'm having a better life now,
and I'm helping a lot of people, and that's as
far as I'm concerned.
(Applause.)
And believe me, I love doing this because we're
doing so much, between the regulations and the
taxes and the getting a Supreme Court judge not
just nominated but getting him onto the
Supreme Court -- Justice Gorsuch, who is doing a
great, great job at the Supreme Court -- and
appointing so many other great judges
throughout the country.
(Applause.)
It was so important.
They were so important.
So I appreciate that.
But you finally have a government that is going
to defend you and stand up for you and your country.
(Applause.)
America is being respected again.
Something happened today where a country that
totally disrespected us called with some very,
very important news.
And one of my generals came in, they said, you
know, I have to tell you, a year ago they would
have never done that.
It was a great sign of respect.
You'll probably be hearing about it over the
next few days.
But this is a country that did not respect us.
This is a country that respects us now.
The world is starting to respect us again, believe me.
(Applause.)
Under our new framework, you will dramatically cut
the business tax rate so that American companies
and workers can win against those foreign
competitors who are winning, in many cases,
because they have an unfair advantage.
We will cut the corporate tax rate from 35 percent
and more, all the way down to no more than 20
percent -- below the average of our major
competitors from other countries.
(Applause.)
The biggest winners from this transformation will
be everyday families, from all backgrounds,
from all walks of life, and our great companies,
which will produce the jobs.
They are going to produce jobs like you've
never seen before.
When companies leave our shores, it's the American
workers who get hurt.
And when companies stay in America, and move to
America, it's our wonderful workers who
reap the rewards, including our great
truckers who will have more products to
deliver and more contracts to fill.
That's the way it happens.
(Applause.)
For the many American truckers who file taxes
as sole-proprietors, S corporations or
partnerships, we will cap your top tax rate at a
maximum of 25 percent -- substantially lower than
what you're paying now.
(Applause.)
The more than 30 million Americans who have small
businesses will see -- listen to this -- a 40
percent cut in their marginal tax rate --
40 percent.
(Applause.)
I wouldn't want to be a
politician against that.
(Laughter.)
They're going to have a long, hard winter.
This will be the lowest top marginal income tax
rate for small and mid-sized businesses in
more than 80 years.
Not since 1931 have they had taxes anywhere near
that level, right?
(Applause.)
This huge -- (laughter) -- tax cut -- two words,
"huge" and now "rocket." Can you believe it?
I have (inaudible.) Rocket!
You know what we're talking about, folks,
don't worry about it.
It will be rocket fuel and it will be rocket
fuel for our economy.
With us today is Kevin Burch of Jet Express, who
has been in the trucking business for
more than 40 years.
Where is he?
Kevin?
(Applause.)
Forty years?
You don't look that old, Kevin.
Good.
Good job.
Kevin says that if Congress passes our tax
relief and reform plan, he will be able to invest
in new equipment and additional training for
his dockworkers, drivers, and technicians.
He wants to create more American jobs, and we are
working to help him do exactly that.
Plus, we're working on a tax write-off that will
be almost immediate with your investment.
That's something that you've never seen before.
(Applause.)
And that's part of our plan because companies,
in order to compete over the next five-year
period, allows our framework and within our
framework, that you write-off 100 percent of
the cost of new equipment in the year you buy it.
When have you heard that one?
(Applause.)
That's going to be a big one.
That's going to be big.
I've had calls from great, great
businesspeople.
They said, Mr. President, did you really say that?
I said, yes, I did.
And I might say, they do call me now, "Mr.
President." It's very interesting.
I've had friends for years, they know me --
hey, Don, how are you doing?
How's it going?
Blah, blah, blah.
Now, when they see me, they're all uptight.
Uh, Mr. President, how is everything?
It's weird.
I say, will you please loosen up?
All of these are friends for 30 years, and they
get a little bit tight.
But they are impressed with the one-year
immediate write off.
That's what they're impressed by.
I think they're very impressed.
We want our companies to invest and expand,
because that means more jobs, more products
rolling off the assembly line, and more truckers
delivering those products to stores all
across our country.
Finally, our framework encourages American
companies to bring back the trillions and
trillions of dollars in wealth parked overseas.
(Applause.)
Trillions of dollars.
Our current tax code actually punishes
companies for keeping their headquarters in America.
You see that.
That's happening.
They're being punished.
It discourages them from bringing back the profits
they earn overseas.
In 2016, American multinational companies
kept 71 percent of their foreign-earned profits
overseas and away from our country.
Our framework will totally reverse this,
and it's a very, very troubling trend.
We'll be bringing back, probably, very close to
100 percent of the money back into our country
where it can be put to work,
and jobs will be created.
(Applause.)
We will totally 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, and where
it can do its job.
(Applause.)
My Council of Economic Advisers estimates that
this change, along with a lower tax rate, would
likely give the typical American household a
$4,000 pay raise.
(Applause.)
Could be a lot more than that, too.
You haven't heard this.
So about a $4,000 amount of money additional
for the American family to spend.
That's very exciting.
And you're going to spend that money, it's going to
be put to work, and jobs are going to be produced,
and we're going to start making our product again.
Wouldn't that be nice?
It's going to happen.
(Applause.)
And by the way, not as part of our tax plan, but
I am right now renegotiating trade deals
that are so horrendous and so one-sided and so
embarrassing for our country.
We are -- you're probably reading in the papers --
renegotiating NAFTA.
We're renegotiating --
(applause)
-- various other deals with foreign countries that are so
embarrassing and so horrendous that you would
say, why on Earth would anybody have signed a
deal like that?
I'll also be announcing, as you know, my statement
and what we'll be doing with respect to the Iran
Deal, speaking of badly negotiated deals.
Audience: Booo --
THe President: We're doing that very shortly.
(Applause.)
So to summarize: Our plan goes from eight tax
brackets down to four; expands the zero tax
bracket greatly; expands the child tax credit;
repeals the estate tax and special interest tax breaks;
cuts the corporate tax rate from
much more and equal to 35 percent tax, and brings
it down all the way down to 20 percent; and cuts
tax rates for small businesses to the lowest
level in more than 80 years.
(Applause.)
Audience: USA!
USA!
USA!
The President: And our great congressmen,
congresswomen, and all of the people that we're
working with, all I can say is: You
better get it passed.
(Applause.)
They will.
I know.
And you have great ones here in Pennsylvania.
For too long, our tax code has incentivized
companies to leave our country in search of
lower tax rates.
My administration rejects the offshoring model, and
we have embraced a brand new model.
It's called the American model.
(Applause.)
We want companies to hire and grow in America, to
raise wages for the American workers, and to
help rebuild American cities and towns.
We're involved in all over the world.
It's now time we get involved with
rebuilding our country.
(Applause.)
No one knows America better than America's truckers.
Every single day, from coast to coast and border
to border -- where we will have a wall, by the way.
In case you had any doubt.
Does anybody have a doubt?
Audience: No!
The President: These guys don't have a doubt.
In our largest cities and across the rolling
plains, you see the incredible beauty of our
natural wonders.
You see things that few people see.
In fact, I think you should take a major wage
reduction, you have such a beautiful thing.
(Laughter.)
And we see the enduring strength of the American
spirit in those same truckers.
What you see is incredible every day.
What you see are things that nobody else sees.
And I want to tell you, to the truckers in this
room, which is a lot of people: you're going to
make more money, you're going to do better than
ever before, and we truly admire you.
You are our heroes.
Believe me.
You are our heroes.
(Applause.)
Over the decades, you have also seen the
disastrous consequences of economic surrender.
Our politicians surrendered.
They gave up our country.
You've driven past the shuttered factories,
watched thriving communities become ghost
towns, and witnessed America's wealth get
shipped away to foreign lands.
Now is our chance to reclaim America's destiny.
We can breathe new life into struggling
industries and forgotten towns.
We can end the special deals for special
interests, and we will honor the hardworking,
patriotic Americans who make this country run.
(Applause.)
And you can help us stock the store shelves all
across the country, and around the world, with
more products stamped with those beautiful
words, that we're going to say it this way:
Made in the USA.
(Applause.)
We will lift our fellow citizens from welfare to
work, from dependence to independence, and from
poverty to prosperity.
(Applause.)
American goods will sail across the oceans,
American trucks will glide along our highways
-- so beautiful will those highways be --
smooth, beautiful, no potholes.
(Applause.)
I know.
No potholes.
I have many friends in the trucking business,
and they tell me it's never been like this.
They'll buy beautiful new equipment.
By the time it goes from Los Angeles to New York
and back, they have a big renovation job on their hands.
They said they've never seen it like this before.
They will be beautiful again.
They will be smooth, beautiful, highways again.
(Applause.)
The American flag -- do we love our American flag?
(Applause.)
Right?
I think people forgot how patriotic we are.
I think people forgot how much we love our country.
They've learned over the last week, haven't they?
(Applause.)
But American flags will soar high above the roads.
Our cities and our towns will proudly display that flag.
Our children will be raised in homes filled
with love, communities filled with airplanes
that are going back and forth -- that's okay --
but communities filled with hope, and a nation
filled with pride.
We will build this future together, as one people
and one nation under God.
(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.
(Applause.)
This is a great and proud state.
I am so honored to be with you tonight.
Thank you, God bless you, and God bless the United
States of America.
Thank you very much.
Thank you.
(Applause.)
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