Trump Touts “Beautiful, Massive” Tax Cut In Major Speech To NAM Board Of Directors.

By the Manufacturing Economy Daily, published by the NAM

On Friday, multiple major news outlets covered President Trump’s tax reform speech at the NAM, where the president praised the tax reform framework proposed last week. The Hill (9/29, Jagoda) reported that in the speech, Trump described the plan as a “giant, beautiful, massive, the biggest ever in our country, tax cut,” and said “we need a tax code that encourages companies to stay in America, grow in America and hire in America.” The Hill added that “Trump spoke about several aspects of the plan that are of particular importance to manufacturers,” including that it would “lower the corporate tax rate from 35 percent to 20 percent, and would lower the rate for so-called pass-through businesses to 25 percent.” UPI (9/29, Shayanian, Haynes) quoted the president saying, “We will cut taxes on American businesses to restore our competitive edge and create more jobs and higher wages for the American worker.” UPI also quoted NAM President and CEO Jay Timmons saying “he is enthusiastic about the plan,” and adding, “Manufacturers in America have never been as enthusiastic or as optimistic about their future as they are this year, and that is because of the huge opportunity we have to get tax reform done.” The Washington Times (9/29, Boyer) reported the president calling the plan “rocket fuel for our economy,” and saying that “under my administration, the era of economic surrender is over – and the rebirth of American industry has begun.” Addressing the plan’s impact on manufacturers, Trump added, “For the majority of American manufacturers that file taxes as sole-proprietors, S corporations or partnerships, we will cap your top tax rate at a maximum of 25 percent.”

Members of the ACE Team (in the light blue shirts) watch from on-stage with the President as he delivered his address.

The New York Times (9/29, Baker, Subscription Publication) reported that Trump also said “America is winning again and America is being respected again,” and added that “most manufacturers will see their tax rates fall to levels not seen in many years.” The Times quoted Timmons saying, “Today’s tax code lets other countries win, and our workers and our families are paying the price and we have an obligation to speak out. It’s time to go big, it’s time to go bold – and manufacturers are grateful to have a president who agrees.” USA Today (9/29, Przybyla) reported Trump stating, “We will cut taxes for everyday, hardworking Americans and we’re going to cut them substantially.” The article also cited NAM supporting the tax reform framework as “a boon to small business and the middle class.” Bloomberg News (9/29, Olorunnipa) wrote that Trump added, “When we grow American manufacturing, we don’t only grow our jobs and wages, we grow the American spirit.” The AP (9/29, Superville) reports that Trump emphasized, “My administration is working every day to lift the burden on companies and workers so you can thrive, compete and grow.” The AP also wrote that Timmons called the president a leader “who has made manufacturing the engine of our country.” Reuters (9/29, Morgan) reported that “a US Senate panel took Trump’s proposal, announced on Wednesday, a step forward by unveiling a budget plan for the coming fiscal year.” In a column for The National Review (9/29), Larry Kudlow also praised the tax reform framework.