Companies. The typical family of four earning 75,000 will see an Income Tax Cut of more than 2,000 slashing their tax bill in half. Its going to be a lot of money. Going to have an extra 2,000. Theres more than that. Our plan expands the Child Tax Credit for working families. Youll hear the numbers very soon. Theyre even larger than anticipated. Even nearly doubles the amount of income taxed at the rate of zero. I dont know if any of you are paying zero. I hope youre not. I hope youre paying above that, but a lot of people who are having its a little tougher will be paying zero. It closes special interest loop holes. It lowers tax rates for families. And our plan also cuts taxes on businesses, which is expected to raise income by an average of
more than 4,000. So your income goes up. Its like having a 4,000 increase, which isnt bad, which isnt bad. Its a lot of money to spend, a lot of jobs will be created with the money that you spend. Very special. It makes america competitive again so we can bring back that simple but beautiful phrase youve heard it before made in the u. S. A. , right . I dont know if they have heard it, but youve heard it. [applause] our current tax code is burdensome and unfair. Its exported our jobs, closed our factories and left millions of parents worried that their kids will have less opportunity than the last. Our factories have left. So many gone. Theyre all coming back. You see it ever before we do
this. Theyre starting to come back. Our country is starting to do really well again. As a country, were being respected again. Were being respected again. Im here today to tell you that we will never let bad things happen with respect to the economy of our country. Were not going to lose our businesses again like has happened over the last number of decades. America is coming back bigger, better and stronger than ever before. Theyll see it and theyre going to see the result. America isnt content just by getting by. America is about getting ahead, about finding the best in ourselves and in each other. Were reclaiming our destiny as americans, a nation that thinks big, dreams bigger and always reaches for the stars. We didnt become great through
massive taxation and washington regulation and by the way, were cutting regulation at a rate never seen before in the history of our country. We became great because our people, our families and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery and to begin the next adventure. You know what im talking about. And thats who we are. A nation of strivers and builders and dreamers and doers. People that treasure their independence and dont know how to quit. Never quit, never ever give up. Never ever. I say that also to our great cabinet. And they have done a great job. A lot of things have happened. Nobody has done the job that we
have done. When government loosens its grip, there is no summit we cannot reach. Our tax cuts will break down, and theyll break it down fast, all forms of government and all forms of government barriers and breathe new life into the american economy. They will unleash the american worker. They will tear down the restraints on discovery, innovation and creation and they will restore the hopes and dreams of the american family. Millions of middle class families will win under our plan. And today, were honored to hear from a few of those wonderful and truly great families. Bryant and ashley glick, right . Theyre from lancaster county, pennsylvania. I know it well. They have two beautiful third with a third on the way. Bryant manages a Farm Equipment store. Many of your predecessors promised that this reform was coming. But you did it. That we are greatly excited about this. With the tax savings that well see, we are going to put that money into home renovations. Im excited that you were the one that got it over the finish line. Thank you, mr. President. [applause] the Kovacs Family also joins us from ohio. A great state. A lot of success in ohio. Adam is a veteran that works in telecommunications. Lindsey works in administration, admissions at a university, and they have two beautiful children. This year theyre currently in the 25 bracket and pay nearly 14,000 in taxes. Our plan gives them their time back, because they wont have to and the giamomolo family is here from. Anthony is a 911 emergency dispatch officer. When theyre not working protecting their citizens, their hands are full of four wonderful children. This year they were in the 25 bracket. They have done everything they can. They itemized deductions. They paid more than 19,000 in taxes. Thanks very much, by the way. A lot of money. I like it. Under our plan, they will file on a single page and save 2,700. Anthony, maybe youd like to say a few words. Come on in. [applause] just want to thank President Trump. Education is very important to our family. Under this bill, our family will be able to save a lot of money. We have a lot of people going to
school. My wife and i are in Graduate School finishing up and still have three other four other kids to get through college. It will help out a lot. [applause] leon and Marie Benjamin are pastors of new life harvest church. Its a Beautiful Church in richmond, virginia. They have three wonderful children. Under our plan, they will get a larger tax refund. They will receive a tax refund of 3,000 this year. Leon and maria, i would love you to discuss your middle class tax cut a little bit with the millions of people watching right now on television. You do very well. Were very proud of you and it is indeed a Beautiful Church. I got to see a very nice picture. Well have to get there some day soon. Come on in. [applause] to god be the glory thank you, President Trump for inviting us here. On behalf of the benjamin family and richmond, virginia, we represent a qadry of many families across the nation. African american families, urban americans. We need it now. Its time for a change and time that we recognize that our president is making good on his promises. [applause] thank you, mr. President. God bless you and well continue to keep praying for you and your team as you move forward and forge ahead with this new future in america. God bless you. [applause] he can be my minister any time. [laughter] the Howard Family lives in washington. Isaac owns an espresso Machine Service company and emily takes care of their four beautiful children. Theyre currently in the 15 bracket and pay 2,500 in taxes. Our plan will wipe out their tax bill and they might even get a refund of substantially more than 700. Id like to introduce them. Come on up. [applause] im going to speak for us today. We are absolutely blessed to be here. So thank you, mr. President. Our joy to stand before you guys. What this means to us as a family is that we will be able to pour out into our community, whatever that looks like, giving away to families in need or
setting them up for success in any way that whatever god has planned for our family. That is our goal. Were blessed to have such an amazing president and what a good steward he is of our country. Thank you, mr. President. [applause] thank you all. Its critically important for congress to quickly pass these historic tax cuts. Its going to take place i think even before the media i used the word media, you notice . As opposed to fake news media. I dont say it. Because today is a very important day. We want everybody to be covered very accurately. I excited to announce if Congress Sends me a bill before christmas, the irs this is just out, this is breaking
news has just confirmed that americans will see lower taxes beginning in february. Just two short months from now. [applause] just got that. [applause] we just got that. 55 years ago this week president john f. Kennedy, a democrat, launched a historic effort to pass sweeping top to bottom tax cuts. A half a century later, we were reminding that lowering taxes is neither republican or democrat idea, but an american principle and an american idea. The goal of my administration is for every american to know the dignity of work, the pride of a paycheck and the satisfaction of a job welldone. We want people to love waking up in the morning and going to work just with that incredible enthusiasm that we have in this country. Thats what were going to be doing, and thats whats going
to be happening. Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 growth, far ahead of schedule, far, far ahead, in each of the last two quarters. If we didnt have the hurricanes, we could have hit 4 last quarter. 4. A number that was unthinkable two years ago when i started the campaign. Even my first month in office. That was an unthinkable number. Ill tell you what, its going to go higher than that. Weve created 2. 2 million jobs since the election. Unemployment is at a 17year low. The Unemployment Rate in the Manufacturing Business is the lowest in recorded history. Consumer confidence is a 17point high. Pensions and retirement accounts are soaring as the stock market hits 85 new record highs since
the election. How are we doing . Are we doing okay . Not bad. [applause] if Congress Sends me a tax reform, this is only a small beginning to the incredible things that our people will achieve over a very short period of time and the tremendous heights that we will reach economically and so many other ways in our country. Every day, as this victory draws closer. Were so close right now, so close. In fact, almost i dont want to talk about it. Maybe we shouldnt talk about it. The people that opposed tax cuts grow smaller and weaker and the American People grow stronger. I heard one of our opponents stand up the other day and say this is for the rich. They didnt even see the final bill. I havent seen the final bill. This is for the people of middle income, this is for companies
that are going to create jobs. This is for very, very special people. The great people of america. Every day hardworking americans know that the future of this nation will never belong to those who say you cant. It will always belong to the American People who will say we will. It belongs to people like the glicks, the kovacs, the benjamins, the howards and the millions of americans just like them across our nation who pour out their hearts and souls every day to take care of their families and the country they love and that we love. We are going to have a country that celebrates you again. Hardworking, great people. Youre being celebrated again. Remember that. Because you were a little bit forgotten. We have called at this time forgotten people. Somebody else called me and everybody else the deplorables. Have you ever heard that term . Were proud to be the deplorables and were doing well. Were going to make our Tax System Work for you again. Were going to make our economy work for you again. Were going to make the american dream. Thats the real dream. That will be the dream that you want for your children and your grandchildren once again. We need your help to get congress across that finish line. Well have very look democrat support, probably none and thats purely for political reasons. They like it a lot and they cant say it. They dont like what is happening. But they cant say it. Some day we have to come together and do bipartisan and hopefully it can happen soon. [applause] right . If you make your voices heard, this moment will be forever remembered as a great new beginning, the dawn of a brilliant american future, shining with patriotism, prosperity and pride. With your help, we will bring back our jobs, we will bring back our wealth as a country and for every citizen across this beautiful land, we will bring back our Great American dreams are. Thank you and God Bless You all. Thank you very much. [applause] thank you. Shepard the president speaking at the white house regarding what is not a completed deal. We cant confirm that bit about the irs, but we can tell you the house and senate still have to vote on separate bills before they can be sent to the president s desk. Leaders say they have a tentative agreement. Analysis begins now on Fox News Channel on satellite and cable. Those of you on fox television
stations, well return yo to your local programs. Im shepard smith, fox news new york. With that, lets get to john roberts here on Fox News Channel who is live with us at the white house. Big statement regarding the irs, john. I cant pin that one down. Yeah, we have not been able to confirm that just yet, shep. Were working on it. The president clearly in a good mood today. I was also inside the cabinet room earlier today. I went in there. He was huddling with the Republican House and senate conferrees, the people trying to hammer out the details to go before the house and the senate. The president seemed to be in a great mood, particularly given the results of the alabama election last night. Almost want to say there was maybe a little bit of relief on his face that he didnt have to deal with the fallout of a roy moore win. Perhaps thats not what he was thinking but he appeared to be
in a good mood given the results of the election. He said when it came to tax reform, its close. Hes feeling optimistic about it. I dont want to say confident but feeling optimistic. He did joke with the conferrees in the lunch to say first of all, we have to have a vote, right . Now its almost critical for the president to get a vote in the house and senate next week, early next week. If he doesnt get it, it gets pushed through the holidays and the margins are even slimmer for getting it done. As youll hear from mike emanuel this hours, shep, theres some folks on capitol hill on the republican side that are not really sold on tax reform just yet. Arm twisting yet to go. The one thing we did learn today is that the president is happy, thrilled, he said, with the 21 Corporate Tax rate. He wanted 15 initially. He settled on 20. He said 21 is lower than 35 ,
so he says ill take that. Well see if they can get it to a vote next week, shep. Shepard john roberts on the north lawn. Beautiful day. Its not warm. Shepard im sure of that. The top democrat said the republicans should hit pause until doug jones is sworn in. The governor didnt appoint him. He won an election. It would be wrong for Senate Republicans to jam through this tax bill without giving the newly elected senator from alabama the opportunity to cast his vote. Shepard President Trump says he wants republicans to vote on the plan next week before republicans lose that seat . The senate. Our chief Congressional Correspondent mike emanuel is live on capitol hill. As john roberts mentioned, its very close. Thats right, shep. You have senators and house Members Meeting this hour here on capitol hill in a Conference Committee. Democrats are fired up saying this Conference Committee is a farce. They say the deal has been cut so theyre trying to shut down the meeting and theyre blasting the republican process. It did not have to be this way and it is not too late for bold members on either side to reject this reckless partisan process. Work on a bipartisan basis as Ronald Reagan did. So bottom line, democrats are frustrated that the republicans are moving forward with a bill that they have not seen yet. Republicans say its not 100 done. Democrats feel like it already has been cut, shep. Shepard so they say theyre going to vote on a bill next week that still isnt written . Well, we expect the bill will be rolled out probably friday. Were hearing there wont be scribble in the margins. Heres more from paul ryan a short time ago. Theyre going through the process of dotting the i and crossing the ts and making sure
the numbers work to bring a bill in final shape to get it going. Were very happy. Republican leaders hope the house and the senate will approve the Tax Reform Compromise next week. It provides a modern tax system that is tremendously competitive. One that will leap frog america to the lead pack among our global competitors and unleash the growth of jobs and paychecks here at home. Speaker ryan says the goal is getting it done by christmas so taxpayers can have a new tax code in 2018, shep. Shepard thanks, mike. The deal that the house and senate have tentatively agreed upon would lower the tax rate for the wealthiest americans. This is a change the last few days. I believe it was 39. 6 . Correct. Shepard and now 36. 37 . So youre talking about 2. 6 Percentage Points, this is a
decline. Theyre saying now that you can have 10,000 worth of Property Taxes and or income taxes sheltered. Thats a little tweak there for people wealthy. A little benefit for the wealthy. Shepard if you pay for instance, youre in a high tax state. Texas, connecticut, new york, new jersey new jersey, california. Shepard if you pay a lot of state taxes and local taxes and Borough Taxes on and on it goes. Shepard is any of that deductible . My understanding is the big kahuna here are the income taxes. That is why they added this bit about both of these things in one combined deduction. Because california has such high state income taxes. Theres other states you dont think about like texas that has high Property Taxes. People there complaining about that. But im going to tell you, 2. 6 Percentage Point cut is a big
deal. The major benefit goes to major corporations. Theyre going to bump it up to 21 from 20. Cut 35 . Thats a huge cut. Thats not the only benefit the corporations are getting. Remember, they can write down immediate expensing only solve only their equipment, bring money in