WASHINGTON: President Donald Trump said Saturday that the sweeping tax overhaul set to be adopted next week in Congress would be a “great” gift for the middle class.
Passage of the measure would mark a massive win for a leader who has yet to notch any major legislative victory after nearly a year in office.
The Democratic minority has repeatedly denounced the measure as benefiting companies and the wealthiest Americans, including Trump himself, the most.
Trump has promised Americans that the legislation would pass before Christmas, so that it would take effect from the beginning of 2018.
“The Democrats have their soundbite, the standard soundbite before they even know what the bill is all about. They talk about ‘for the wealthy,’” Trump told reporters as he left the White House for the Camp David presidential retreat for the weekend.
“But this is going to be one of the greatest gifts for the middle income people of this country that they’ve ever gotten for Christmas.”
The president said the changes would boost employment, adding that it was essential for US growth.
“The economy now has hit three percent (growth). Nobody thought it would be anywhere close. I think we could go to four, five or even six percent, ultimately,” Trump said.
“We are back. We are really going to start to rock. We need this as our final push. And you’re going to see some numbers that are great. You’re going to see great job numbers. Jobs are going to come pouring back into this country.”
Asked about the increase in the national debt that the reform will trigger, Trump stressed that the measure would also generate extra revenues as growth increases.
According to the final text, the federal tax on businesses would drop from 35 to 21 percent, while the top income tax will fall from 39.6 to 37 percent, with the number of tax brackets remaining the same.