tv President Defends Puerto Rico Hurricane Response Touts Tax Cuts Plan CSPAN September 29, 2017 5:10pm-5:47pm EDT
[a plus] -- applause >> i ask you not to go anywhere. saying --ot regret staying. tom bossert, thank you very much. very much.you great job, guys. a short time ago, president trump's health and human services secretary and former georgia congressman tom price has resigned. after it was revealed that he repeatedly chartered private planes for government travel. asretary price took as many 26 private flights and flew on
military airplanes on trips to europe and africa. the estimated cost to taxpayers is more than $1 million according to politico. the president has said he was not happy about the secretaries use of private jets. today, the president visited the national association of manufacturers and washington, d.c. and he talked about tax reform and the federal government's response to hurricane maria and puerto rico. the president is scheduled to visit puerto rico on tuesday. [applause] welcome everyone to the national association of manufacturers and the more than 12 million men and women who make things in america, this is our moment. haveacturers in america never been as enthusiastic and optimistic about their future as they are this year.
i know we are excited about our special guest as well as the momentum on tax reform. we need all of you to share that enthusiasm on social media and build our grassroots following. you can actually do that by ax to 52886.actont you can retweet me. allow your phones. it is ok. you can do that now. i am also pleased to release the third-quarter results of the survey. what -- outlook it shows that our members continue to believe that the future is bright. almost 90% reported a positive outlook for their company. that means optimism among reached thes has
higher three-quarter average in the history of our 20 year survey. more than 90%. compare that, absolutely -- >> [applause] where celebrating. more than 90%. and pair that to last year's three-quarter average of just under 60%. we have a leader in the white house who has made manufacturing the engine of our country and most important, america's manufacturing workers, some of who are with us today from shop floors all over the country, he has me that his priority. he has signed the legislation to provide serious regulatory relief, rolled back government overreach. unleashed energy development. protected intellectual property. and given manufacturers more confidence to invest in the future.
we have an administration and congress who have delivered results. and we have leaders fighting for the biggest and boldest reform that will boost manufacturing and raise standards of living all across our great country. comprehensive tax reform is enacted, the manufacturers in our survey -- they are very clear. there will be more investment in america. more jobs in america. there will be more wealth created in america for all. -- for all americans. >> [applause] so, listen to these incredible numbers. almost 65% of you said you would increase capital spending. 64% say you will expand your businesses. said you will hire more workers and 52% of you said you will increase wages and benefits.
this is good news for america. >> [applause] excusee is absolutely no for defending the status quo and alreadye that are spouting negativity about our tax reform plan, they are doing exactly that. today's tax code let's other countries when and our workers and their families are paying the price. an obligation to speak out. it is time to go big. it is time to go bolder. and manufacturers are grateful to have a president that agrees. thattime honored tradition has included presidents mckinley, kennedy, reagan, clinton, bush, and many others, the national association of manufacturers is pleased to welcome a true champion for our -- for our industry
much. .hank you, all thank you very much. taking up a lot of television time, but that is ok. thank you very much. it is great to be here with the national association of manufacturers. i especially want to thank your president and chairman along with all of the members of congress that are here today. and they are working hard, i will tell you that. i like to begin by sending our thoughts and prayers to the people of puerto rico who have been struck by storms of historic and catastrophic severity. people at never seen anything like this. we have undertaken a massive federal mobilization to assist puerto rico including the
presence of over 10,000 federal personnel. including 5000 u.s. military and national guard personnel led by a very strong, and talented three-star general. all of appropriate departments of our government from homeland security to defense are engaged fully in the disaster and the response and recovery effort probably that has never been seen for something like this. surrounded byand water. big water. ocean water. we have closely coordinated with the territorial and local government which are totally and unfortunately able to handle this catastrophic crisis on their own. just, totally unable to. the police and truck drivers are very substantially gone.
they are taking care of their families and largely unable to unable toed, largely help. therefore, we are forced to bring in truck drivers, security, and many other .ersonnel by the thousands we are bringing them onto the island as we speak. we have never seen this situation. the electrical grid and other infrastructure were already in very poor shape. life's endt their prior to the hurricane and now, virtually everything has been wiped out. and we will really have to start all over again. we are literally starting from scratch. ofimately, the government puerto rico will have to work with us to determine how this
willve rebuilding effort end up being one of the biggest ever -- how it will be funded and organized. and what we will do with a tremendous amount of existing already on the island. untill not rest, however, the people of puerto rico are safe. these are great people. we want them to be safe and sound and secure. and we will be there every day until that happens. likewise, we are working closely with the virgin islands on the disaster recovery. and that effort is going very, very well. to tellernors, i have you of puerto rico and of the virgin islands has been extremely good. they are working so hard. but there is nothing left. it has been wiped out.
the houses are largely flattened. the roads are washed away. there is no electricity. the plants are gone. they are gone. it is not like send in a crew to fix them. you have to build brand-new electric. sewer systems are wiped out. there has never been anything like this. there remains a lot of work to do. folks will work with the we are working with right now who are trying very hard. has ever seen anything like this. we are here today at the national association of manufacturers to discuss our vision for america's economic revival. and to celebrate the people whose vision and products stock ourelves, thin -- phil homes and enrich our lives. i want to express my special
gratitude to the incredible workers on stage. congratulations. >> [applause] president trump: they are the ones and millions out there -- they are not as good as you, but they are very good. the millions out there whose dedication and drive makes this country run. we are all here today for the same reason. in the beautiful, beautiful phrase that has not been used so much over the last three decades. "made in the usa." [applause]
phrasent trump: it is a that fills our heart with pride and it embodies the skill, grid, and drive of the american worker. tribute to our workers can be found in the unmatched quality and craftsmanship of the amazing products they bring from the blueprint to the storefront. usa" is a global symbol of unrivaled excellence. my administration is working every day to lift the burdens on our companies and our workers so compete, ande, grow. and, at the very center of that beautiful,giant, massive, the biggest ever in our country tax cut. >> [applause]
president trump: for decades, the policy of washington, d.c. on the subject of manufacturing was a policy best summarized in one word -- surrender. they surrendered. under my administration, the era of economic surrender is over. and the rebirth of american industry is beginning. america is winning again and america is being respected again. and you see that happening all over. you see the five plants, auto plants that were announced recently. so many people are coming back into this country. they want to be back in. other companies are sending their companies in. -- other countries are sending their companies in. on every front, in every way, on every policy, we are guided by
the same economic goal, to keep jobs in america. to bring jobs to america. to create real prosperity for america. the country that we love. that is why we have lifted the restrictions on american energy, ending the war on coal, approving the keystone, xl, and the dakota pipelines. let me tell you something, i did that immediately. the first couple of days. 48,000 jobs. and everyone is happy. and reversing the epa in truth and -- intrusion into your business and your lives. we are returning the epa to its core mission. clean air and crystal clean water. that is what we want. clean air and clean water. we are fighting to create fair and reciprocal trade for
american companies. and the word "reciprocal" is so important. lifting barriers to our exports. thating down on countries cheat. and ensuring a level playing field for our great american workers and our great american companies. because, when our workers have a level playing field, no one, absolutely no one, can beat us. right? rights? ? >> [applause] president trump: we have also taken historic action to protect our manufacturing and offense industrial base. my administration has ordered a first ever complete review of the manufacturing technology and supply chains we need to protect our country.
we cannot have national security without economic security. to further unleash american enterprise, we have taken unprecedented steps to remove job killing regulations that sap the energy, creativity, and dynamism from our country. we are cutting regulations at a pace that has never been thought of before. not even thought of. is a groundbreaking campaign and it involves every department and agency across our government. we are requiring every federal manager to systematically remove and then -- review and remove the regulations that hamstring your companies and undermine your ability to compete. and we need some regulations. 35 we do not need regulations to take care of one item. we do not need to go through nine different agencies to get something taken off.
we want beautiful, fast, efficient regulation that works. [applause] president trump: thank you. already, we are seeing the result of an economic policy that puts america first. 16 yearment is at a low. wages are rising. the stock market is soaring to record levels. just&p hit a record high this morning, as i was coming over. --did over 3% last quarter was just adjusted yesterday and is now at 3.1%, a number that has not been seen in a very, very long time. and a number that is way ahead of schedule. >> [applause]
president trump: and i believe we are doing better this month but, unfortunately, having the hurricanes hitting texas, florida, louisiana, and obviously other locations and especially where we are right now with the kind of money we are spending on puerto rico and the virgin islands, it is going to be a little bit of a hitch. well, are doing extremely even this quarter despite the hurricanes. is atcturing confidence an all-time high. america is finally back on the right track. our country and economy cannot take off like they should unless we transform america's outdated, complex, and extremely burdensome tax code. it is a burden on our country. >> [applause] we have a once in a generation
opportunity to pass tax reform that is progrowth, pro-jobs, pro-worker, profamily, and pro-american. our current tax code punishes companies for doing business in the united states, and encourages them to leave. that's what has happened for so many years. that's one of the reasons, probably the primary reason, that companies are leaving our country. and firing all those people -- they are not bringing the jobs with them, they are giving other countries those jobs. firing those great people. that's stopping. it has already started to stop, nine months ago. but it's stopping right now. we need a tax system that encourages companies to stay in america, grow in america, and higher in america -- and hire in america. [applause]
for several months, my administration has been working closely with congress to develop a framework for tax reform that will deliver exactly that. more jobs, higher pay, lower taxes for middle income families. and american businesses of all sizes. businesses that create jobs. we unveiled an incredible framework on wednesday. in indiana, a great state, and i would like to share with you four core principles of our plan. first, we will cut taxes for every day, hard-working americans, and we will cut them substantially. under this framework, the first $12,000 for a single individual, and the first $34,000 for a married couple, -- the first $24,000 for a married couple,
and will be nearly tax-free. we will be doubling the income taxed at a rate of zero. above that amount, income will be taxed at three rates. 12%, 25%, and 35%. we will also substantially increase the child tax credit to save working families even more money, because we know the most important investment our country can make is in our children. our firm work also provides relief to those who care for an older loved one through a $500 tax credit, something that everybody has been wanting so badly for so long. by eliminating the tax breaks and special interest loopholes that primarily benefit the wealthy, our framework ensures the benefits of tax reform go through the middle class, not
the highest earners. we've also given congress the flexibility to add an additional top rate on the very highest income earners to provide even more tax relief for every day working people. second, our framework will make the tax code more simple. fair. easy to understand. american families and businesses reached billions of dollars and tens of billion dollars on excruciating paperwork and compliance every single year, and it never ends. under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper. we are also repealing the unfair and complicated alternative minimum tax, or amt. it requires many people to calculate their taxes two different ways and pay the
higher of the two amounts. we are closing loopholes, reducing burdens, and replacing confusion with total clarity. as part of this simplification, we are also going to protect millions of family businesses by ending the crushing, horrible, and unfair estate tax, also known as the death tax. that means, for those of you with small and family-owned businesses, your family won't have to sell the business in a fire sale just to pay a very high and unfair tax. your families can continue to run your businesses with love and dedication, and remembrance of you. we will protect our manufacturers and our workers and make taxes simple, easy, and
fair. for all americans. it's about time. [applause] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a large bipartisan majority. that sounds so nice. him wouldn't that be nice? come on, we have so many right here. let's go, raise your hands. the 1986 tax bill will substantially reduce our business tax rate to make america globally competitive -- it went through the roof.
the plan were very the jobs in industry and. other countries so our success and copied our playbook. by foreign competitors adopted tax rates much lower and much more competitive than our own. when it comes to business tax we are now dead last a month developed nations. we pay the highest tax of any nation in the world. our rate is the least competitive rate. there is our business tax rate is 60% higher than our average economic competitor. then you say how do you compete? in many cases you don't, our companies leave. everya massive tax on product made in america. giving come these like germany, china and mexico not to mention
so many others, a massive head start over american industry. it is time to go from dead last to pretty much the front of the pack. [applause] pres. trump: we will not be the lowest, but we will be getting pretty close. under our framework, we will dramatically cut the business tax rate so that american companies and workers can beat our foreign competitors. [applause] pres. trump: we will cut the business tax rate from 35% all the way down to 20%, below our average competition by far.
this is a revolutionary change, and the biggest winners will be everyday working families, as jobs start pouring into our country. [applause] pres. trump: when companies leave our shores, it is american workers who get hurt. they get fired. when companies stay in america and moved to america, it is our wonderful workers who reap the benefits and the rewards. for the majority of american manufacturers to file taxes as sole providers, as corporations, or turner ships, we will cap your tax rate, unlike the present, of 25%. that is your maximum rate. [applause] pres. trump: this will be the top -- lowest top marginal income tax rate for small and
medium-sized businesses in more than 80 years. the lowest in 80 years. [applause] pres. trump: and it will be rocket fuel for our economy. to further help our companies to compete, for the next five years our framework will allow you to fully write off the cost of new equipment in the year you buy it. think of that one. to me, that is so good. [applause] pres. trump: you do not take it over many years, you take it immediately upon when you buy it. that is something people have never seen before, and it will be great. it will be truly great. that means more production, more investment, and far more jobs. if we want to make more products
and say "made in america," because that is what we want. "made in the usa" or "made in america," we have to reduce factors on businesses that produce in america. with your help, that is exactly what we are going to do. fourth and finally, our framework -- you have to remember, you see what is happening with companies offshore. it encourages american companies to bring back trillions of dollars in wealth marked overseas. it punishes companies were keeping their headquarters in america. it discourages them from bringing back the profits they earn overseas. we are going to reverse that. we are going to reverse that. right now, we have at least $3 trillion overseas.
i must tell you, i have been following this for six years. republicans and democrats have always said we want that money to come back. so they all agree, and they still never got it done. we are going to bring everybody together and get that done. [applause] pres. trump: we will eliminate the penalty on bringing back the future earnings and bringing them back to the united states in full. we will impose a one time low tax on money currently parked overseas, so it can be brought back home to america, where it belongs. for too long, our tax code has incentivized companies to leave our country in search of lower tax rates. my administration rejects one team, one people, and one
great american family. to raise wages for american workers and to help rebuild american cities and towns. when we grow american manufacturing we don't only grow jobs and wages but we also grow america's spirit. when we purchase products made in america -- and by our fellow citizens we will knew the bonds of national loyalty that link us all together as one. is a great patriotism that lives inside the men and women who leave their hearts on the factory floors who pour their ands into iron and steel, who turn dreams into reality with their own two hands. when they huddle in the break room, at the rest stop, or at
the end of a long and tiring shift they take cried in knowing that the products they work and make aren't just building businesses, they are building families and communities and most of all they are building this nation that we all love so much. we want every american to know the dignity of work, the pride, the beautiful pride. getting a paycheck. the satisfaction of being told that was a job well done. parent to be able to care for their children and we want every child to know a home filled with love and a community filled with hope.
see whenhe america we we look at our flag that hangs in all of our factories. it waves over our cities, towns and fields. we left our american flag. -- we love our american flag. the soul of a country is found in the people who make it a home we owe it to our citizens to provide them with a future of opportunity where they can earn a living with dignity and purpose and pride. we can build this future together as one team, one people, and one great american family. as then be remembered moment we took control of our destiny and chose a future of american patriotism, prosperity