- House GOP leaders released their long-awaited tax reform bill on Thursday. President Donald Trump applauded the bill’s release, calling it “the rocket fuel our economy needs.”
President Donald Trump applauded the release of the House Republican tax reform bill on Thursday, saying the bill would springboard the American economy and provide tax relief for families if enacted into law.
The plan would cut rates for corporations and individuals, while offsetting those cuts with the elimination of various deductions.
“I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people,” said Trump’s statement, while also touting the recent stock market highs and economic growth.
Trump also preemptively hit back at possible critics of the bill, saying that outside groups wil try and attack the bill.
From the statement:
“We are just getting started, and there is much work left to do. The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts. But my Administration will work tirelessly to make good on our promise to the working people who built our Nation and deliver historic tax cuts and reforms — the rocket fuel our economy needs to soar higher than ever before.”
The legislation has faced immediate resistance from groups like the National Association of Realtors and the National Association of Home Builders, who have criticized the bill for its proposed changes to various tax provisions dealing with the real-estate industry.