Calling the trucking industry the “lifeblood of our economy,” a senior administration official previewed President Donald Trump's tax reform speech to be given in Harrisburg, Pennsylvania, on Wednesday as an appeal to truckers.
Since rolling out his tax plan in Indianapolis two weeks ago, the administration has been under sustained fire for being heavy on cuts for the wealthy. Republican deficit hawks in Congress, like Sen. Bob Corker (R-Tenn.), have worried Trump's plan will add to the debt.
Enter truck drivers, an optical flourish for the event whose participation, the administration hopes, will help change the momentum.
Joining truckers in the audience at a local aircraft hangar will be members of the Pennsylvania Manufacturers Association and the state's Federation of Independent Businesses.
His speech will feature a brand-new item meant to drum up middle-class support: the promise of a $4,000 earnings increase for a typical American household. The plan claims that as a result of reforming and lowering the cooperate tax rate, company earnings will rise, and those earnings will eventually trickle down to families.
“My Council of Economic Advisers estimates this change alone would give the typical American household a $4,000 pay raise,” Trump will say, according to the senior administration official. The official added that the Council of Economic Advisers would release more information on the basis of Trump's claims in the coming weeks.
In his remarks, the president will pitch his plan as a tax cut for the middle class and manufacturing companies. He will also say that the marginal income tax rate is the “lowest it has been in 80 years” and that he'll push to eliminate the death tax, an estate tax on the “the right to transfer property at your death.” Currently, the IRS offers an exemption for the first $5.49 million per estate.
Businesses will be incentivized to create “more American goods that truckers will deliver to every corner of the country,” the official said in a briefing Tuesday evening.
This speech comes less than two weeks after Trump’s appeal to the Manufacturers Association last Friday, in which he promised to “dramatically reduce the tax on American manufacturers so that we can compete and win on the world stage.”