President Donald Trump said Wednesday at the White House that Republicans were on the cusp of passing a tax reform bill for him to sign.
Trump was seated with House Ways and Mean Committee Chairman Rep. Kevin Brady (R., Texas) and Senate Finance Committee Chairman Orrin Hatch (R., Utah), both of whom he praised for their work on taxes. Trump said the bill would be the "largest tax cut ever" and added that Republicans have the details nearly finalized.
"We're very very close to a historic legislative victory, the likes of which rarely has this country seen," Trump said.
"I think I can say, Kevin and Orrin, that we’re getting very close, and I know that a lot of the folks that we'd like to have here—we said, if you have a choice, stay back, get it done," Trump added. "They're all working and negotiating some final points, but we're very, very close."
The House and Senate have both passed bills, and Republicans are in the middle of negotiating a final bill. Trump touted certain specifics he expected the bill to accomplish, including tax relief for middle-class families.
"This bill is vital to the American people for many reasons. First of all, it's going to have a tax cut the likes of which we haven't seen for not only business but for the working families of our country. It's really a tax cut based on jobs, and also very good for companies which also means jobs. The typical family of four earning $75,000 will see an income tax cut of $2,000," Trump said.
He also argued that corporate tax cuts would improve the economy by bringing more investments to the United States.
"Right now they're paying 35 percent, and that's the highest in the industrialized world, in many cases by far," Trump said. "We'll be bringing that down to a number that will be extremely impressive to a lot of people."
He added that the final figure will be a "surprise."
Trump also said the bill would simplify the tax code and fix a "broken system." He continued to praise his Republican colleagues, but he joked that he can’t assume the bill will pass after recent narrow misses.
"You guys have been really, really amazing," he said to Hatch and Brady. "Although I shouldn't say that until we sign. We've been there too many times. Let's get the vote first, right?"
Published under: Orrin Hatch , Tax Reform , Taxes , Trump Administration